RxSight (NASDAQ:RXST) Sets New 12-Month Low – What’s Next?

RxSight, Inc. (NASDAQ:RXST) hit a new 52-week low during trading on Friday . The stock traded as low as $34.52 and last traded at $35.15, with a volume of 270144 shares. The stock had previously closed at $38.19.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target on the stock. UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. Stifel Nicolaus lowered RxSight from a “buy” rating to a “hold” rating and lowered their price target for the company from $65.00 to $40.00 in a research report on Friday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $42.00 price objective (down from $56.00) on shares of RxSight in a research report on Wednesday, December 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price target on shares of RxSight in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, RxSight presently has a consensus rating of “Moderate Buy” and an average target price of $59.00.

RxSight Stock Down 11.9 %

The firm has a market cap of $1.36 billion, a P/E ratio of -40.55 and a beta of 1.11. The business has a fifty day simple moving average of $45.75 and a 200-day simple moving average of $50.09.

Insider Buying and Selling

In related news, insider Ilya Goldshleger sold 3,100 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $45.00, for a total value of $139,500.00. Following the transaction, the insider now owns 42,246 shares in the company, valued at $1,901,070. The trade was a 6.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jesse Anderson Corley acquired 11,111 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were purchased at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the transaction, the director now directly owns 468,571 shares in the company, 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. Insiders have sold 62,707 shares of company stock valued at $3,037,386 over the last quarter. Corporate insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of institutional investors have recently made changes to their positions in the company. Brown Capital Management LLC bought a new position in RxSight in the 3rd quarter valued at approximately $26,813,000. Point72 Asset Management L.P. lifted its holdings in shares of RxSight by 610.2% during the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock valued at $22,094,000 after purchasing an additional 384,041 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of RxSight during the second quarter valued at $19,512,000. Driehaus Capital Management LLC increased its holdings in RxSight by 74.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock worth $42,490,000 after buying an additional 302,367 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new position in RxSight in the 2nd quarter worth about $14,942,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

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.