RxSight (NASDAQ:RXST) Stock Price Down 1.7% – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s share price dropped 1.7% during mid-day trading on Monday . The company traded as low as $45.50 and last traded at $46.07. Approximately 72,896 shares were traded during trading, a decline of 85% from the average daily volume of 484,728 shares. The stock had previously closed at $46.88.

Wall Street Analyst Weigh In

RXST has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Jefferies Financial Group initiated coverage on shares of RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 target price on the stock. Oppenheimer dropped their target price on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. Finally, Stifel Nicolaus decreased their price target on shares of RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $61.63.

RxSight Stock Performance

The stock has a market cap of $1.84 billion, a P/E ratio of -55.28 and a beta of 1.19. The company’s 50 day moving average price is $48.58 and its 200-day moving average price is $52.17.

Insider Activity at RxSight

In other news, Director Jesse Anderson Corley purchased 11,111 shares of the stock in a transaction dated Tuesday, November 12th. The shares were purchased at an average cost of $45.37 per share, with a total value of $504,106.07. Following the completion of the acquisition, the director now owns 468,571 shares in the company, valued at $21,259,066.27. This represents a 2.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Shweta Maniar sold 3,782 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $45.88, for a total transaction of $173,518.16. Following the completion of the sale, the director now directly owns 10,902 shares in the company, valued at $500,183.76. This represents a 25.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,702 shares of company stock worth $3,059,197. 9.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On RxSight

Institutional investors and hedge funds have recently bought and sold shares of the stock. M&G Plc raised its stake in RxSight by 12.4% in the second quarter. M&G Plc now owns 159,005 shares of the company’s stock valued at $9,540,000 after purchasing an additional 17,577 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of RxSight by 2.7% in the first quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock worth $78,634,000 after purchasing an additional 40,500 shares during the last quarter. Algert Global LLC purchased a new stake in RxSight during the 2nd quarter valued at $2,488,000. Victory Capital Management Inc. boosted its position in RxSight by 21.0% during the 3rd quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock valued at $12,845,000 after buying an additional 45,161 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in RxSight by 17.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 119,493 shares of the company’s stock valued at $7,190,000 after buying an additional 17,368 shares during the period. 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.