RxSight (NASDAQ:RXST) Shares Gap Up to $56.45

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $56.45, but opened at $58.23. RxSight shares last traded at $56.72, with a volume of 6,654 shares trading hands.

Wall Street Analyst Weigh In

RXST has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price objective on RxSight from $54.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Oppenheimer dropped their price target on RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Company dropped their price target on RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. BTIG Research increased their price objective on RxSight from $72.00 to $73.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Stifel Nicolaus reduced their price objective on RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, RxSight currently has a consensus rating of “Buy” and a consensus price target of $60.14.

RxSight Price Performance

The stock has a market capitalization of $2.09 billion, a P/E ratio of -44.89 and a beta of 1.19. The stock has a 50 day moving average price of $51.49 and a 200-day moving average price of $53.97.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.06. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The business had revenue of $34.89 million during the quarter, compared to analyst estimates of $32.33 million. During the same period last year, the business posted ($0.40) earnings per share. RxSight’s quarterly revenue was up 67.6% compared to the same quarter last year. Research analysts predict that RxSight, Inc. will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Shelley B. Thunen sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.61, for a total value of $586,100.00. Following the completion of the transaction, the chief financial officer now directly owns 13,938 shares in the company, valued at approximately $816,906.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RxSight news, CFO Shelley B. Thunen sold 10,000 shares of RxSight stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.61, for a total value of $586,100.00. Following the completion of the sale, the chief financial officer now owns 13,938 shares of the company’s stock, valued at approximately $816,906.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Ilya Goldshleger sold 9,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $39.25, for a total transaction of $353,250.00. Following the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at approximately $1,658,155.50. The disclosure for this sale can be found here. Insiders sold a total of 34,625 shares of company stock worth $1,845,600 in the last three months. Insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RXST. RA Capital Management L.P. lifted its stake in RxSight by 1.1% in the 1st quarter. RA Capital Management L.P. now owns 3,442,825 shares of the company’s stock worth $177,581,000 after purchasing an additional 38,540 shares in the last quarter. Vanguard Group Inc. grew its holdings in RxSight by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock valued at $78,634,000 after purchasing an additional 40,500 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in RxSight by 74.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock valued at $42,490,000 after purchasing an additional 302,367 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in RxSight by 34.5% during the 4th quarter. Parkman Healthcare Partners LLC now owns 513,032 shares of the company’s stock valued at $20,685,000 after purchasing an additional 131,701 shares during the last quarter. Finally, Baillie Gifford & Co. grew its stake in RxSight by 438.8% in the 2nd quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock worth $21,554,000 after acquiring an additional 291,733 shares in the last quarter. Institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.