RxSight (NASDAQ:RXST) Shares Gap Down – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $39.17, but opened at $37.51. RxSight shares last traded at $37.76, with a volume of 63,325 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on RXST. Jefferies Financial Group started coverage on shares of RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price target on the stock. UBS Group initiated coverage on shares of RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $42.00 price target (down previously from $56.00) on shares of RxSight in a report on Wednesday. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, RxSight currently has an average rating of “Moderate Buy” and an average price target of $62.13.

RxSight Stock Down 2.7 %

The firm has a market cap of $1.54 billion, a P/E ratio of -44.94 and a beta of 1.11. The business has a fifty day moving average of $47.65 and a 200 day moving average of $51.22.

Insider Activity at RxSight

In other RxSight news, Director Jesse Anderson Corley purchased 11,111 shares of the stock in a transaction 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 acquisition, the director now directly owns 468,571 shares of the company’s stock, valued at $21,259,066.27. The trade was a 2.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $52.67, for a total value of $163,277.00. Following the transaction, the insider now owns 42,246 shares in the company, valued at $2,225,096.82. This trade represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,807 shares of company stock worth $3,202,275 in the last ninety days. Company insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Hedge funds have recently bought and sold shares of the stock. CWM LLC increased 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 acquiring an additional 371 shares in the last quarter. SG Americas Securities LLC bought a new position in RxSight during the 2nd quarter worth about $3,754,000. Raymond James & Associates acquired a new stake in shares of RxSight in the 2nd quarter valued at about $3,549,000. Sara Bay Financial lifted its holdings in shares of RxSight by 1.0% in the second quarter. Sara Bay Financial now owns 108,021 shares of the company’s stock valued at $6,500,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Summit Global Investments bought a new stake in shares of RxSight in the second quarter valued at about $628,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.