RxSight (NASDAQ:RXST) Trading Down 4.8% – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price dropped 4.8% during mid-day trading on Wednesday . The stock traded as low as $37.21 and last traded at $37.30. Approximately 347,906 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 496,667 shares. The stock had previously closed at $39.17.

Wall Street Analysts Forecast Growth

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

RxSight Stock Performance

The firm has a market cap of $1.52 billion, a P/E ratio of -44.94 and a beta of 1.11. The company has a 50 day moving average of $47.65 and a 200 day moving average of $51.22.

Insider Activity

In other news, insider Ilya Goldshleger sold 3,105 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $46.08, for a total value of $143,078.40. Following the completion of the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at approximately $1,946,695.68. This represents a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jesse Anderson Corley acquired 11,111 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were bought at an average cost of $45.37 per share, with a total value of $504,106.07. Following the transaction, 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 position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 65,807 shares of company stock worth $3,202,275. 9.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC lifted its stake in shares of RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares during the period. SG Americas Securities LLC acquired a new position in RxSight in the second quarter valued at about $3,754,000. Raymond James & Associates acquired a new position in shares of RxSight during the 2nd quarter worth about $3,549,000. Sara Bay Financial increased its stake in shares of RxSight by 1.0% in the 2nd quarter. Sara Bay Financial now owns 108,021 shares of the company’s stock valued at $6,500,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in shares of RxSight in the 2nd quarter valued at approximately $628,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

RxSight Company Profile

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.