RxSight (NASDAQ:RXST) Shares Down 3.5% After Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s stock price was down 3.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $49.72 and last traded at $49.75. Approximately 187,836 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 483,263 shares. The stock had previously closed at $51.56.

Specifically, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $52.67, for a total transaction of $163,277.00. Following the transaction, the insider now owns 42,246 shares of the company’s stock, valued at $2,225,096.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $53.19, for a total value of $164,889.00. Following the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at $2,247,064.74. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BTIG Research lifted their price objective on shares of RxSight from $72.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price objective on shares of RxSight in a research report on Friday, September 13th. Stifel Nicolaus cut their price target on shares of RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Oppenheimer decreased their target price on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Finally, Wells Fargo & Company reduced their target price on RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, RxSight has an average rating of “Buy” and a consensus target price of $60.14.

RxSight Price Performance

The company has a market capitalization of $1.84 billion, a P/E ratio of -40.92 and a beta of 1.22. The business has a 50-day moving average of $51.03 and a 200-day moving average of $53.93.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The business had revenue of $34.89 million for the quarter, compared to the consensus estimate of $32.33 million. RxSight had a negative return on equity of 19.33% and a negative net margin of 31.92%. The business’s revenue was up 67.6% compared to the same quarter last year. During the same period last year, the business posted ($0.40) EPS. Sell-side analysts predict that RxSight, Inc. will post -0.81 EPS for the current fiscal year.

Institutional Investors Weigh In On RxSight

Several institutional investors have recently bought and sold shares of RXST. CWM LLC raised its stake in shares of RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares in the last quarter. Quest Partners LLC purchased a new position in shares of RxSight in the 2nd quarter valued at about $41,000. Larson Financial Group LLC acquired a new stake in RxSight in the first quarter valued at $51,000. Amalgamated Bank raised its position in shares of RxSight by 21.3% in the second quarter. Amalgamated Bank now owns 1,177 shares of the company’s stock valued at $71,000 after buying an additional 207 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in RxSight during the second quarter valued at about $156,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.