RxSight (NASDAQ:RXST) Trading Down 3.5% Following Insider Selling

RxSight, Inc. (NASDAQ:RXST - Get Free Report) fell 3.5% during trading on Tuesday following insider selling activity. The company traded as low as $49.72 and last traded at $49.75. 187,836 shares were traded during trading, a decline of 61% from the average session 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 shares were 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 approximately $2,225,096.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $53.19, for a total transaction of $164,889.00. Following the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $2,247,064.74. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research firms recently weighed in on RXST. Wells Fargo & Company reduced their price objective on shares of RxSight from $68.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 6th. BTIG Research lifted their price target 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 reaffirmed a "buy" rating and issued a $66.00 price target on shares of RxSight in a research note 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 on the stock in a research note on Tuesday, August 6th. Finally, Oppenheimer cut their price target 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. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, RxSight presently has a consensus rating of "Buy" and a consensus target price of $60.14.

RxSight Stock Down 5.2 %

The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -39.25 and a beta of 1.22. The stock's fifty day moving average price is $51.03 and its 200-day moving average price is $53.93.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings data 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. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The company had revenue of $34.89 million for the quarter, compared to the consensus estimate of $32.33 million. During the same period last year, the company earned ($0.40) earnings per share. The firm's revenue was up 67.6% compared to the same quarter last year. Analysts anticipate that RxSight, Inc. will post -0.81 EPS for the current year.

Hedge Funds Weigh In On RxSight

A number of institutional investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in RxSight during the second quarter worth $3,670,000. Cim LLC acquired a new position in RxSight during the second quarter worth $476,000. Truist Financial Corp increased its holdings in RxSight by 11.1% during the second quarter. Truist Financial Corp now owns 5,827 shares of the company's stock worth $351,000 after buying an additional 583 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in RxSight by 279.1% during the second quarter. Point72 Asset Management L.P. now owns 62,935 shares of the company's stock worth $3,787,000 after buying an additional 46,336 shares during the last quarter. Finally, Doheny Asset Management CA increased its holdings in RxSight by 51.7% during the second quarter. Doheny Asset Management CA now owns 14,490 shares of the company's stock worth $872,000 after buying an additional 4,940 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.