RxSight (NASDAQ:RXST) Trading Down 12.3% on Analyst Downgrade

RxSight, Inc. (NASDAQ:RXSTGet Free Report)’s share price dropped 12.3% on Wednesday after Stifel Nicolaus lowered their price target on the stock from $75.00 to $70.00. Stifel Nicolaus currently has a buy rating on the stock. RxSight traded as low as $48.93 and last traded at $50.00. Approximately 105,286 shares were traded during trading, a decline of 76% from the average daily volume of 434,268 shares. The stock had previously closed at $56.99.

RXST has been the subject of several other reports. BTIG Research lifted their target price on shares of RxSight from $61.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Wells Fargo & Company lifted their target price on shares of RxSight from $61.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Needham & Company LLC lifted their target price on shares of RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Oppenheimer lifted their target price on shares of RxSight from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $65.00.

Check Out Our Latest Stock Analysis on RxSight

Insider Buying and Selling

In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total value of $2,406,000.00. Following the completion of the transaction, the chief executive officer now directly owns 764,610 shares in the company, valued at approximately $45,991,291.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RxSight news, Director Julie Andrews sold 15,625 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $58.00, for a total transaction of $906,250.00. Following the completion of the sale, the director now directly owns 30,287 shares in the company, valued at approximately $1,756,646. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the sale, the chief executive officer now owns 764,610 shares of the company’s stock, valued at $45,991,291.50. The disclosure for this sale can be found here. Insiders sold a total of 75,625 shares of company stock worth $4,425,250 in the last three months. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in RxSight by 727.5% during the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after buying an additional 371 shares during the last quarter. RA Capital Management L.P. raised its stake in RxSight by 1.1% during the 1st quarter. RA Capital Management L.P. now owns 3,442,825 shares of the company’s stock valued at $177,581,000 after buying an additional 38,540 shares during the last quarter. California State Teachers Retirement System raised its stake in RxSight by 6.8% during the 1st quarter. California State Teachers Retirement System now owns 27,052 shares of the company’s stock valued at $1,395,000 after buying an additional 1,733 shares during the last quarter. Caxton Associates LP bought a new stake in shares of RxSight during the 1st quarter valued at $1,208,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of RxSight by 1.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,908 shares of the company’s stock valued at $3,143,000 after acquiring an additional 994 shares during the period. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

RxSight Stock Performance

The business’s 50-day moving average price is $58.99 and its 200-day moving average price is $52.86. The stock has a market cap of $1.85 billion, a P/E ratio of -39.68 and a beta of 1.20.

RxSight (NASDAQ:RXSTGet Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.08). RxSight had a negative net margin of 44.01% and a negative return on equity of 27.68%. The business had revenue of $29.51 million for the quarter, compared to the consensus estimate of $27.56 million. During the same period in the previous year, the firm earned ($0.42) EPS. The company’s revenue was up 68.7% on a year-over-year basis. As a group, equities research analysts expect that RxSight, Inc. will post -0.77 earnings per share for the current year.

About RxSight

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for RxSight Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RxSight and related companies with MarketBeat.com's FREE daily email newsletter.