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

RxSight, Inc. (NASDAQ:RXST - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $24.76, but opened at $25.76. RxSight shares last traded at $25.17, with a volume of 11,146 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on RXST shares. Wells Fargo & Company reduced their price target on shares of RxSight from $40.00 to $35.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 26th. Needham & Company LLC reiterated a "buy" rating and set a $43.00 target price on shares of RxSight in a report on Wednesday, February 26th. UBS Group began coverage on shares of RxSight in a research report on Friday, December 6th. They issued a "buy" rating and a $52.00 price target for the company. Stifel Nicolaus cut their price objective on RxSight from $35.00 to $33.00 and set a "hold" rating on the stock in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their target price on RxSight from $62.00 to $40.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, RxSight presently has a consensus rating of "Moderate Buy" and an average price target of $51.63.

RxSight Stock Up 1.7 %

The stock has a market cap of $1.02 billion, a PE ratio of -30.37 and a beta of 1.22. The firm has a fifty day moving average of $31.29 and a 200 day moving average of $41.85.

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

Insider Activity at RxSight

In other news, Director Jesse Anderson Corley purchased 1,443 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were bought at an average price of $31.18 per share, with a total value of $44,992.74. Following the completion of the transaction, the director now directly owns 1,443 shares in the company, valued at approximately $44,992.74. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shweta Maniar sold 3,519 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the sale, the director now directly owns 7,383 shares of the company's stock, valued at $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.36% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP boosted its stake in shares of RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company's stock worth $32,000 after buying an additional 288 shares during the period. Point72 Hong Kong Ltd acquired a new stake in RxSight during the 3rd quarter worth approximately $34,000. Private Trust Co. NA purchased a new position in shares of RxSight in the 4th quarter valued at approximately $34,000. State of Wyoming acquired a new position in shares of RxSight in the fourth quarter valued at approximately $37,000. Finally, KBC Group NV raised its stake in shares of RxSight by 63.6% during the third quarter. KBC Group NV now owns 1,232 shares of the company's stock worth $61,000 after purchasing an additional 479 shares during the last quarter. 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.

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