RxSight (NASDAQ:RXST) Trading Down 1.9% - Here's What Happened

RxSight, Inc. (NASDAQ:RXST - Get Free Report) shares were down 1.9% on Tuesday . The company traded as low as $38.36 and last traded at $38.93. Approximately 341,004 shares changed hands during trading, a decline of 31% from the average daily volume of 490,931 shares. The stock had previously closed at $39.68.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a "buy" rating and a $72.00 price objective on the stock. UBS Group began coverage on RxSight in a research report on Friday. They issued a "buy" rating and a $52.00 price target on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, RxSight has an average rating of "Buy" and a consensus target price of $63.63.

RxSight Stock Performance

The firm has a market cap of $1.57 billion, a P/E ratio of -46.90 and a beta of 1.11. The stock's 50-day moving average is $47.81 and its 200 day moving average is $51.38.

Insiders Place Their Bets

In other news, Director Jesse Anderson Corley purchased 11,111 shares of the company's stock in a transaction on Tuesday, November 12th. The shares were purchased at an average price of $45.37 per share, with a total value of $504,106.07. Following the purchase, the director now directly owns 468,571 shares of the company's stock, valued at $21,259,066.27. This trade represents a 2.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ilya Goldshleger sold 3,100 shares of the business's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $52.67, for a total value of $163,277.00. Following the completion of the sale, the insider now owns 42,246 shares in the company, valued at approximately $2,225,096.82. This trade represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,807 shares of company stock worth $3,202,275 over the last ninety days. 9.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

A number of hedge funds and other institutional investors have recently bought and sold shares of RXST. CWM LLC grew its stake in shares of 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 in the last quarter. Nisa Investment Advisors LLC boosted its holdings in RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company's stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Quarry LP grew its position in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company's stock valued at $32,000 after purchasing an additional 288 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in RxSight in the 3rd quarter valued at $34,000. Finally, Quest Partners LLC bought a new stake in RxSight during the 2nd quarter worth about $41,000. 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.

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