RxSight (NASDAQ:RXST) Stock Price Up 8.8% - Here's What Happened

RxSight, Inc. (NASDAQ:RXST - Get Free Report) rose 8.8% during mid-day trading on Thursday . The company traded as high as $26.50 and last traded at $26.52. Approximately 111,626 shares traded hands during trading, a decline of 79% from the average daily volume of 529,793 shares. The stock had previously closed at $24.37.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $43.00 price target on shares of RxSight in a research note on Wednesday, February 26th. Bank of America decreased their price objective on shares of RxSight from $60.00 to $36.00 and set a "buy" rating on the stock in a report on Friday, March 21st. UBS Group began coverage on shares of RxSight in a research note on Friday, December 6th. They set a "buy" rating and a $52.00 target price for the company. Stifel Nicolaus decreased their price target on shares of RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company cut their price objective on RxSight from $40.00 to $35.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.33.

RxSight Price Performance

The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -30.42 and a beta of 1.22. The business's 50 day moving average is $29.10 and its 200 day moving average is $38.96.

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

Insider Activity

In related news, Director Tamara Fountain sold 7,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the sale, the director now owns 24,793 shares in the company, valued at $637,428.03. This represents a 22.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jesse Anderson Corley acquired 1,443 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was acquired at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the purchase, the director now owns 1,443 shares of the company's stock, valued at $44,992.74. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 9.36% of the company's stock.

Hedge Funds Weigh In On RxSight

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXST. Polar Asset Management Partners Inc. acquired a new stake in shares of RxSight in the 4th quarter valued at approximately $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in RxSight by 23.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company's stock worth $2,921,000 after buying an additional 16,140 shares during the period. Voloridge Investment Management LLC increased its holdings in RxSight by 138.9% in the fourth quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company's stock valued at $12,570,000 after buying an additional 212,599 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of RxSight by 12.5% during the 4th quarter. Squarepoint Ops LLC now owns 133,125 shares of the company's stock valued at $4,577,000 after acquiring an additional 14,799 shares during the period. Finally, Tidal Investments LLC purchased a new stake in shares of RxSight during the 4th quarter worth approximately $355,000. Institutional investors and hedge funds 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.