RxSight (NASDAQ:RXST) Sees Unusually-High Trading Volume - Time to Buy?

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) saw unusually-high trading volume on Monday . Approximately 647,332 shares were traded during mid-day trading, an increase of 7% from the previous session's volume of 606,784 shares.The stock last traded at $27.15 and had previously closed at $33.43.

Analysts Set New Price Targets

RXST has been the topic of several recent analyst reports. UBS Group initiated coverage on RxSight in a research note on Friday, December 6th. They issued a "buy" rating and a $52.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and issued a $66.00 target price on shares of RxSight in a research note on Monday. Jefferies Financial Group initiated coverage on RxSight in a research note on Tuesday, October 29th. They issued a "buy" rating and a $72.00 target price on the stock. Wells Fargo & Company cut their price objective on RxSight from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Monday. Finally, Stifel Nicolaus cut their price objective on RxSight from $40.00 to $35.00 and set a "hold" rating on the stock in a research report on Monday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $58.13.

RxSight Stock Performance

The company has a 50-day simple moving average of $40.61 and a two-hundred day simple moving average of $47.38. The firm has a market capitalization of $1.24 billion, a P/E ratio of -37.01 and a beta of 1.20.

Insider Activity

In other news, insider Ilya Goldshleger sold 3,105 shares of RxSight stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $51.91, for a total transaction of $161,180.55. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $2,192,989.86. This trade represents a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jesse Anderson Corley bought 11,111 shares of the stock in a transaction dated Tuesday, November 12th. The shares were acquired at an average price of $45.37 per share, with a total value of $504,106.07. Following the completion of the acquisition, the director now directly owns 468,571 shares of the company's stock, valued at approximately $21,259,066.27. The trade was a 2.43 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 41,002 shares of company stock worth $1,959,796. Insiders own 9.36% of the company's stock.

Hedge Funds Weigh In On RxSight

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in RxSight by 17.7% in the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company's stock worth $40,398,000 after acquiring an additional 122,775 shares during the last quarter. Victory Capital Management Inc. raised its holdings in RxSight by 21.0% in the 3rd quarter. Victory Capital Management Inc. now owns 259,864 shares of the company's stock worth $12,845,000 after acquiring an additional 45,161 shares during the last quarter. Algert Global LLC purchased a new position in RxSight in the 2nd quarter worth approximately $2,488,000. Baillie Gifford & Co. raised its stake in RxSight by 17.0% during the 3rd quarter. Baillie Gifford & Co. now owns 419,004 shares of the company's stock valued at $20,711,000 after buying an additional 60,789 shares during the last quarter. Finally, Barclays PLC raised its stake in RxSight by 389.8% during the 3rd quarter. Barclays PLC now owns 58,786 shares of the company's stock valued at $2,906,000 after buying an additional 46,783 shares during the last quarter. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

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.