RxSight (NASDAQ:RXST) Shares Gap Down on Disappointing Earnings

RxSight, Inc. (NASDAQ:RXST) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RXST. UBS Group began coverage on RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 price objective on shares of RxSight in a research note on Wednesday. Wells Fargo & Company reduced their price objective on RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Stifel Nicolaus reduced their price objective on RxSight from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.63.

Insider Buying and Selling

In other RxSight news, Director Jesse Anderson Corley bought 1,443 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 1,443 shares in the company, valued at approximately $44,992.74. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the transaction, the director now directly owns 7,383 shares in the company, valued at approximately $227,913.21. The trade was 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 currently owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its position in shares of RxSight by 854.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Quarry LP raised its position in shares of RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of RxSight in the 3rd quarter valued at approximately $34,000. Private Trust Co. NA acquired a new position in shares of RxSight in the 4th quarter valued at approximately $34,000. Finally, State of Wyoming acquired a new position in shares of RxSight in the 4th quarter valued at approximately $37,000. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Stock Performance

The firm has a market capitalization of $1.14 billion, a P/E ratio of -33.99 and a beta of 1.19. The stock has a fifty day moving average price of $32.41 and a two-hundred day moving average price of $43.26.

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.