RxSight (NASDAQ:RXST) Stock Price Down 3.9% - Here's Why

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) traded down 3.9% during mid-day trading on Thursday . The stock traded as low as $30.10 and last traded at $30.10. 25,378 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 749,574 shares. The stock had previously closed at $31.32.

Analyst Ratings Changes

RXST has been the subject of a number of research reports. Wells Fargo & Company decreased their target price on shares of RxSight from $42.00 to $40.00 and set an "equal weight" rating for the company in a research note on Monday. Needham & Company LLC reiterated a "buy" rating and set a $66.00 price objective on shares of RxSight in a research report on Monday. Stifel Nicolaus lowered their target price on RxSight from $40.00 to $35.00 and set a "hold" rating on the stock in a report on Monday. UBS Group began coverage on RxSight in a research note on Friday, December 6th. They set a "buy" rating and a $52.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a "buy" rating and a $72.00 price objective on the stock. 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.com, RxSight has a consensus rating of "Moderate Buy" and an average price target of $58.13.

RxSight Stock Performance

The stock has a 50-day moving average price of $39.32 and a two-hundred day moving average price of $46.95. The stock has a market capitalization of $1.22 billion, a PE ratio of -36.61 and a beta of 1.20.

Insiders Place Their Bets

In related news, insider Ilya Goldshleger sold 4,875 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $46.00, for a total transaction of $224,250.00. Following the completion of the sale, the insider now owns 42,246 shares in the company, valued at approximately $1,943,316. This trade represents a 10.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jesse Anderson Corley purchased 1,443 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares in the company, valued at $44,992.74. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 34,797 shares of company stock worth $1,649,949 over the last three months. 9.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RxSight

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in shares of RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company's stock worth $29,000 after acquiring an additional 521 shares during 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 purchasing an additional 288 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of RxSight during the third quarter valued at about $34,000. Quest Partners LLC bought a new stake in shares of RxSight in the second quarter worth about $41,000. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of RxSight in the fourth quarter worth about $52,000. Institutional investors own 78.78% of the company's stock.

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.