RxSight (NASDAQ:RXST) Trading Down 0.9% – Here’s Why

Shares of RxSight, Inc. (NASDAQ:RXST) were down 0.9% during trading on Thursday . The stock traded as low as $42.36 and last traded at $42.79. Approximately 71,351 shares changed hands during trading, a decline of 85% from the average daily volume of 485,983 shares. The stock had previously closed at $43.16.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of RxSight in a report on Friday, September 13th. UBS Group initiated coverage on shares of RxSight in a research note on Friday. They issued a “buy” rating and a $52.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, RxSight currently has a consensus rating of “Buy” and an average target price of $63.63.

RxSight Stock Performance

The stock has a 50 day moving average of $48.01 and a 200-day moving average of $51.67. The company has a market cap of $1.74 billion, a PE ratio of -51.99 and a beta of 1.11.

Insider Transactions at RxSight

In other RxSight news, Director Jesse Anderson Corley bought 11,111 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was bought at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the transaction, the director now directly owns 468,571 shares of the company’s stock, valued at approximately $21,259,066.27. This trade represents a 2.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $52.67, for a total value of $163,277.00. Following the sale, the insider now directly owns 42,246 shares in the company, valued at $2,225,096.82. This represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,807 shares of company stock worth $3,202,275 over the last three months. 9.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. CWM LLC grew its stake in shares of RxSight by 727.5% during the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares during the period. Nisa Investment Advisors LLC grew its position in RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock valued at $29,000 after buying an additional 521 shares during the period. Quarry LP increased its holdings in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of RxSight in the third quarter worth about $34,000. Finally, Quest Partners LLC purchased a new stake in shares of RxSight during the 2nd quarter worth about $41,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

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.