RxSight (NASDAQ:RXST) Shares Down 2.7% - Here's Why

RxSight, Inc. (NASDAQ:RXST - Get Free Report)'s stock price traded down 2.7% during mid-day trading on Tuesday . The stock traded as low as $44.50 and last traded at $44.61. 57,107 shares were traded during mid-day trading, a decline of 88% from the average session volume of 484,993 shares. The stock had previously closed at $45.84.

Wall Street Analyst Weigh In

Several research firms have recently commented on RXST. Needham & Company LLC restated a "buy" rating and set a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. Wells Fargo & Company lowered their price target on RxSight from $68.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, August 6th. Stifel Nicolaus dropped their price target on RxSight from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Tuesday, August 6th. Oppenheimer reduced their price target on shares of RxSight from $72.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group began coverage on shares of RxSight in a research note on Tuesday, October 29th. They set a "buy" rating and a $72.00 price target for the company. Eight analysts have rated the stock with a buy rating, According to MarketBeat, RxSight currently has a consensus rating of "Buy" and an average target price of $61.63.

RxSight Trading Down 4.9 %

The firm has a fifty day simple moving average of $48.58 and a two-hundred day simple moving average of $52.17. The stock has a market cap of $1.76 billion, a PE ratio of -53.75 and a beta of 1.11.

Insider Transactions at RxSight

In other news, Director Shweta Maniar sold 3,782 shares of RxSight stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $45.88, for a total value of $173,518.16. Following the transaction, the director now owns 10,902 shares in the company, valued at approximately $500,183.76. The trade was a 25.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jesse Anderson Corley purchased 11,111 shares of the firm's stock in a transaction on Tuesday, November 12th. The stock was bought at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the purchase, the director now directly owns 468,571 shares in the company, valued at approximately $21,259,066.27. This trade represents a 2.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 62,702 shares of company stock valued at $3,059,197. Insiders own 9.36% of the company's stock.

Institutional Investors Weigh In On RxSight

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC grew its stake in shares of RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company's stock worth $25,000 after purchasing an additional 371 shares during the last quarter. 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 worth $29,000 after acquiring an additional 521 shares in the last quarter. Quarry LP boosted its holdings in shares of RxSight by 82.3% during the 3rd quarter. Quarry LP now owns 638 shares of the company's stock valued at $32,000 after buying an additional 288 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in RxSight during the third quarter worth about $34,000. Finally, Quest Partners LLC purchased a new stake in shares of RxSight in the second quarter worth $41,000. 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.

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