RxSight (NASDAQ:RXST) Shares Gap Up – Here’s What Happened

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $50.25, but opened at $53.16. RxSight shares last traded at $51.87, with a volume of 57,614 shares.

Analyst Ratings Changes

Several analysts have recently issued reports on RXST shares. Jefferies Financial Group initiated coverage on shares of RxSight in a research report on Tuesday. They issued a “buy” rating and a $72.00 target price on the stock. Oppenheimer reduced their target price on RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price target on shares of RxSight in a research note on Friday, September 13th. Stifel Nicolaus dropped their price target on RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, BTIG Research upped their target price on shares of RxSight from $72.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $61.63.

RxSight Stock Performance

The stock has a market cap of $1.93 billion, a PE ratio of -49.26 and a beta of 1.20. The company’s 50-day moving average price is $51.91 and its 200 day moving average price is $53.67.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.06. The business had revenue of $34.89 million for the quarter, compared to analyst estimates of $32.33 million. RxSight had a negative return on equity of 19.33% and a negative net margin of 31.92%. The company’s quarterly revenue was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.40) EPS. As a group, equities research analysts predict that RxSight, Inc. will post -0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at RxSight

In other news, insider Ilya Goldshleger sold 3,100 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $53.19, for a total value of $164,889.00. Following the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $2,247,064.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 49,310 shares of company stock worth $2,370,917 over the last three months. Insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

Several hedge funds have recently bought and sold shares of RXST. CWM LLC lifted its position in shares of RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Quest Partners LLC purchased a new stake in RxSight in the second quarter valued at $41,000. Larson Financial Group LLC acquired a new stake in shares of RxSight during the first quarter worth about $51,000. Finally, Amalgamated Bank lifted its stake in RxSight by 21.3% in the second quarter. Amalgamated Bank now owns 1,177 shares of the company’s stock valued at $71,000 after buying an additional 207 shares during the last quarter. Institutional investors and hedge funds 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.