RxSight (NASDAQ:RXST) Hits New 52-Week Low – Time to Sell?

Shares of RxSight, Inc. (NASDAQ:RXST) hit a new 52-week low on Tuesday . The stock traded as low as $26.23 and last traded at $26.53, with a volume of 13106 shares trading hands. The stock had previously closed at $26.93.

Analyst Ratings Changes

Several equities research analysts have recently commented on RXST shares. Needham & Company LLC restated a “buy” rating and set a $43.00 price target on shares of RxSight in a research note on Wednesday, February 26th. Stifel Nicolaus lowered their target price on shares of RxSight from $35.00 to $33.00 and set a “hold” rating on the stock in a report on Wednesday, February 26th. UBS Group started coverage on shares of RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price target for the company. JPMorgan Chase & Co. reduced their target price on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Finally, Wells Fargo & Company reduced their price objective on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, RxSight currently has an average rating of “Moderate Buy” and an average price target of $51.63.

RxSight Stock Down 1.4 %

The company has a market cap of $1.08 billion, a PE ratio of -31.86 and a beta of 1.19. The business’s 50 day moving average price is $32.16 and its 200-day moving average price is $42.82.

RxSight (NASDAQ:RXST) last released its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.25). The business had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. Equities analysts expect that RxSight, Inc. will post -0.7 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On RxSight

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in shares of RxSight by 854.1% in 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 lifted its stake in RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of RxSight in the 3rd quarter worth $34,000. Private Trust Co. NA acquired a new stake in RxSight during the 4th quarter worth about $34,000. Finally, State of Wyoming acquired a new position in RxSight in the 4th quarter worth approximately $37,000. 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.