RxSight (NASDAQ:RXST) Trading Down 1.6% - Here's Why

RxSight, Inc. (NASDAQ:RXST - Get Free Report) was down 1.6% during trading on Thursday . The company traded as low as $36.50 and last traded at $36.98. Approximately 133,598 shares traded hands during trading, a decline of 73% from the average daily volume of 499,970 shares. The stock had previously closed at $37.58.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RXST. UBS Group started 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. Jefferies Financial Group began coverage on shares of RxSight in a research report on Tuesday, October 29th. They set a "buy" rating and a $72.00 target price for the company. Wells Fargo & Company reissued an "equal weight" rating and issued a $42.00 price target (down previously from $56.00) on shares of RxSight in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, RxSight currently has an average rating of "Moderate Buy" and a consensus target price of $62.13.

RxSight Stock Down 4.5 %

The business's 50-day moving average price is $47.21 and its 200 day moving average price is $51.02. The company has a market capitalization of $1.45 billion, a P/E ratio of -43.24 and a beta of 1.11.

Insiders Place Their Bets

In related news, insider Ilya Goldshleger sold 3,105 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $46.08, for a total transaction of $143,078.40. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at $1,946,695.68. The trade was a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jesse Anderson Corley purchased 11,111 shares of the stock in a transaction on Tuesday, November 12th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the acquisition, the director now owns 468,571 shares in the company, valued at approximately $21,259,066.27. This represents a 2.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 65,807 shares of company stock worth $3,202,275 in the last three months. 9.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Capital Management LLC bought a new position in shares of RxSight in the 3rd quarter worth $26,813,000. Point72 Asset Management L.P. increased its stake in RxSight by 610.2% in the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company's stock valued at $22,094,000 after acquiring an additional 384,041 shares during the last quarter. Marshall Wace LLP bought a new position in RxSight in the second quarter valued at $19,512,000. Driehaus Capital Management LLC raised its position in RxSight by 74.9% during the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company's stock valued at $42,490,000 after purchasing an additional 302,367 shares in the last quarter. Finally, Baillie Gifford & Co. lifted its stake in RxSight by 438.8% during the second quarter. Baillie Gifford & Co. now owns 358,215 shares of the company's stock worth $21,554,000 after purchasing an additional 291,733 shares during the last quarter. 78.78% of the stock is owned by hedge funds and other institutional investors.

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.