RxSight (NASDAQ:RXST) Shares Gap Down - Here's What Happened

RxSight, Inc. (NASDAQ:RXST - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $50.85, but opened at $47.03. RxSight shares last traded at $43.50, with a volume of 289,632 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RXST shares. BTIG Research increased their target price on shares of RxSight from $72.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, July 15th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price objective on shares of RxSight in a research report on Friday, September 13th. Oppenheimer lowered their price objective 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. Stifel Nicolaus lowered their price objective on shares of RxSight from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group started coverage on shares of RxSight in a research report on Tuesday, October 29th. They issued a "buy" rating and a $72.00 price objective for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, RxSight currently has an average rating of "Buy" and an average price target of $61.63.

RxSight Trading Down 5.6 %

The company has a market cap of $1.78 billion, a P/E ratio of -44.86 and a beta of 1.19. The firm's 50 day moving average price is $51.37 and its 200-day moving average price is $53.58.

RxSight (NASDAQ:RXST - Get Free Report) last issued its earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.06. The company had revenue of $34.89 million for the quarter, compared to analyst estimates of $32.33 million. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The company's revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.40) EPS. Analysts predict that RxSight, Inc. will post -0.81 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Ilya Goldshleger sold 3,100 shares of the firm's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $48.01, for a total value of $148,831.00. Following the transaction, the insider now owns 42,246 shares of the company's stock, valued at approximately $2,028,230.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 43,415 shares of company stock valued at $2,178,847. 9.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RXST. CWM LLC boosted its stake in RxSight by 727.5% during the 2nd quarter. CWM LLC now owns 422 shares of the company's stock worth $25,000 after acquiring an additional 371 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in RxSight by 854.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company's stock worth $29,000 after buying an additional 521 shares during the period. Quest Partners LLC acquired a new stake in RxSight during the 2nd quarter worth approximately $41,000. Larson Financial Group LLC acquired a new stake in RxSight during the 1st quarter worth approximately $51,000. Finally, KBC Group NV raised its holdings in RxSight by 63.6% during the 3rd quarter. KBC Group NV now owns 1,232 shares of the company's stock worth $61,000 after buying an additional 479 shares during the period. 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.