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

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $14.99, but opened at $14.36. RxSight shares last traded at $14.95, with a volume of 106,198 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RXST shares. Stifel Nicolaus decreased their price objective on RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, March 19th. Bank of America reaffirmed an "underperform" rating and set a $22.00 price target (down from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. Needham & Company LLC reissued a "buy" rating and set a $43.00 price target on shares of RxSight in a research note on Thursday, April 3rd. Wells Fargo & Company lowered their price objective on shares of RxSight from $35.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $17.00 target price (down from $40.00) on shares of RxSight in a report on Friday, April 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, RxSight presently has an average rating of "Hold" and an average price target of $39.78.

RxSight Price Performance

The firm has a market cap of $583.88 million, a price-to-earnings ratio of -17.37 and a beta of 1.26. The firm has a fifty day simple moving average of $25.63 and a two-hundred day simple moving average of $36.13.

RxSight (NASDAQ:RXST - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The company had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. Equities analysts anticipate that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RxSight news, Director Jesse Anderson Corley acquired 1,443 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average cost of $31.18 per share, with a total value of $44,992.74. Following the acquisition, the director now directly owns 1,443 shares of the company's stock, valued at approximately $44,992.74. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Shweta Maniar sold 3,519 shares of the firm's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the transaction, the director now directly owns 7,383 shares of the company's stock, valued at approximately $227,913.21. This trade represents a 32.28 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Trading of RxSight

A number of hedge funds have recently added to or reduced their stakes in RXST. Private Trust Co. NA purchased a new position in shares of RxSight in the 4th quarter valued at about $34,000. State of Wyoming acquired a new stake in shares of RxSight in the fourth quarter valued at about $37,000. Coppell Advisory Solutions LLC raised its position in shares of RxSight by 108.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock worth $44,000 after purchasing an additional 672 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in RxSight in the 4th quarter worth about $46,000. Finally, Harbor Investment Advisory LLC purchased a new stake in RxSight during the 4th quarter worth approximately $52,000. 78.78% of the stock is 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.