RxSight (NASDAQ:RXST) Trading Down 4.7% – Should You Sell?

Shares of RxSight, Inc. (NASDAQ:RXST) fell 4.7% during mid-day trading on Friday . The stock traded as low as $30.54 and last traded at $30.37. 84,028 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 601,876 shares. The stock had previously closed at $31.87.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company cut their price target on RxSight from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Jefferies Financial Group assumed coverage on shares of RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Stifel Nicolaus dropped their price objective on shares of RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price target on shares of RxSight in a report on Monday, January 13th. Finally, UBS Group initiated coverage on RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target for the company. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.13.

RxSight Price Performance

The firm has a fifty day moving average price of $34.17 and a two-hundred day moving average price of $44.37. The stock has a market capitalization of $1.21 billion, a PE ratio of -36.28 and a beta of 1.19.

Insider Activity

In other RxSight news, Director Shweta Maniar sold 3,782 shares of RxSight stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $45.88, for a total transaction of $173,518.16. Following the completion of the sale, the director now directly owns 10,902 shares of the company’s stock, valued at $500,183.76. The trade was a 25.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ilya Goldshleger sold 3,100 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $45.00, for a total value of $139,500.00. Following the transaction, the insider now directly owns 42,246 shares in the company, valued at $1,901,070. The trade was a 6.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,706 shares of company stock valued at $846,456. 9.36% of the stock is currently owned by company insiders.

Institutional Trading of RxSight

A number of hedge funds have recently added to or reduced their stakes in RXST. Truist Financial Corp lifted its position in shares of RxSight by 11.1% in the 2nd quarter. Truist Financial Corp now owns 5,827 shares of the company’s stock worth $351,000 after purchasing an additional 583 shares during the period. Nisa Investment Advisors LLC lifted 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 buying an additional 521 shares during the period. Arista Wealth Management LLC bought a new stake in RxSight during the 3rd quarter valued at $258,000. Principal Financial Group Inc. increased its holdings in shares of RxSight by 0.7% in the 3rd quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock valued at $1,782,000 after acquiring an additional 240 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in shares of RxSight in the 3rd quarter worth $988,000. 78.78% of the stock is 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.