RxSight (NASDAQ:RXST) Stock Price Down 1.8% After Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s stock price fell 1.8% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $56.04 and last traded at $56.04. 17,822 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 438,282 shares. The stock had previously closed at $57.04.

Specifically, CFO Shelley B. Thunen sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $52.69, for a total transaction of $526,900.00. Following the completion of the sale, the chief financial officer now directly owns 13,938 shares in the company, valued at approximately $734,393.22. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the completion of the transaction, the chief executive officer now directly owns 764,610 shares in the company, valued at approximately $45,991,291.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Shelley B. Thunen sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $52.69, for a total value of $526,900.00. Following the transaction, the chief financial officer now owns 13,938 shares of the company’s stock, valued at $734,393.22. The disclosure for this sale can be found here. Insiders sold a total of 75,625 shares of company stock worth $4,425,250 in the last three months. 9.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RXST has been the subject of several recent analyst reports. Stifel Nicolaus upped their price target on RxSight from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Wells Fargo & Company upped their price target on RxSight from $61.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Oppenheimer upped their price target on RxSight from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Needham & Company LLC upped their price target on RxSight from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, BTIG Research upped their price objective on RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, RxSight currently has an average rating of “Buy” and an average price target of $60.63.

RxSight Stock Performance

The company has a fifty day moving average of $58.63 and a two-hundred day moving average of $52.26. The company has a market cap of $2.11 billion, a PE ratio of -45.23 and a beta of 1.20.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data on Monday, May 6th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.08). The business had revenue of $29.51 million during the quarter, compared to the consensus estimate of $27.56 million. RxSight had a negative net margin of 44.01% and a negative return on equity of 27.68%. The business’s revenue was up 68.7% compared to the same quarter last year. During the same period last year, the company earned ($0.42) EPS. On average, equities analysts forecast that RxSight, Inc. will post -0.77 EPS for the current year.

Hedge Funds Weigh In On RxSight

A number of hedge funds and other institutional investors have recently made changes to their positions in RXST. Vanguard Group Inc. boosted its position in RxSight by 21.6% during the third quarter. Vanguard Group Inc. now owns 1,433,953 shares of the company’s stock valued at $39,993,000 after purchasing an additional 255,150 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of RxSight in the fourth quarter worth about $8,226,000. M&G Plc purchased a new position in shares of RxSight in the first quarter worth about $7,354,000. Victory Capital Management Inc. raised its stake in shares of RxSight by 108.6% in the fourth quarter. Victory Capital Management Inc. now owns 256,684 shares of the company’s stock worth $10,349,000 after purchasing an additional 133,642 shares during the last quarter. Finally, Parkman Healthcare Partners LLC raised its stake in shares of RxSight by 34.5% in the fourth quarter. Parkman Healthcare Partners LLC now owns 513,032 shares of the company’s stock worth $20,685,000 after purchasing an additional 131,701 shares during the last quarter. Institutional investors 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.