RxSight (NASDAQ:RXST) Shares Gap Down After Earnings Miss

RxSight, Inc. (NASDAQ:RXST) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $29.21, but opened at $27.44. RxSight shares last traded at $27.88, with a volume of 250,578 shares changing hands.

The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Stifel Nicolaus dropped their target price on RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their price objective on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday. Wells Fargo & Company reduced their target price on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday. UBS Group started coverage on shares of RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $43.00 price target on shares of RxSight in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.63.

Insider Activity

In other RxSight news, Director Jesse Anderson Corley acquired 1,443 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the purchase, the director now directly owns 1,443 shares of the company’s stock, valued at $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the sale, the director now owns 7,383 shares in the company, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new stake in shares of RxSight during the 4th quarter worth approximately $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in RxSight by 23.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company’s stock worth $2,921,000 after acquiring an additional 16,140 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in RxSight by 138.9% during the fourth quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company’s stock worth $12,570,000 after acquiring an additional 212,599 shares in the last quarter. Squarepoint Ops LLC grew its holdings in RxSight by 12.5% in the fourth quarter. Squarepoint Ops LLC now owns 133,125 shares of the company’s stock worth $4,577,000 after purchasing an additional 14,799 shares during the period. Finally, Tidal Investments LLC bought a new stake in RxSight in the fourth quarter valued at $355,000. 78.78% of the stock is currently owned by institutional investors.

RxSight Price Performance

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -34.90 and a beta of 1.19. The firm’s fifty day moving average price is $32.61 and its two-hundred day moving average price is $43.37.

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.