RxSight (NASDAQ:RXST) Trading Down 3.5% After Insider Selling

Shares of RxSight, Inc. (NASDAQ:RXST) were down 3.5% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $49.72 and last traded at $49.75. Approximately 187,836 shares traded hands during trading, a decline of 61% from the average daily volume of 483,263 shares. The stock had previously closed at $51.56.

Specifically, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $52.67, for a total transaction of $163,277.00. Following the completion of the sale, the insider now directly owns 42,246 shares in the company, valued at approximately $2,225,096.82. The sale 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 firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $53.19, for a total transaction of $164,889.00. Following the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $2,247,064.74. The disclosure for this sale can be found here.

Analyst Ratings Changes

RXST has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $66.00 price target on shares of RxSight in a research note on Friday, September 13th. Wells Fargo & Company cut their target price on RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Oppenheimer decreased their price target on RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Stifel Nicolaus cut their price objective on RxSight from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, BTIG Research upped their target price on RxSight from $72.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $60.14.

RxSight Stock Up 0.1 %

The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -38.83 and a beta of 1.22. The company’s 50-day moving average is $51.06 and its 200-day moving average is $53.87.

RxSight (NASDAQ:RXST) last posted its earnings results on Monday, August 5th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.06. RxSight had a negative return on equity of 19.33% and a negative net margin of 31.92%. The business had revenue of $34.89 million during the quarter, compared to the consensus estimate of $32.33 million. During the same quarter last year, the company earned ($0.40) EPS. RxSight’s revenue was up 67.6% on a year-over-year basis. On average, research analysts forecast that RxSight, Inc. will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On RxSight

Several large investors have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in RxSight during the 2nd quarter valued at about $3,670,000. Cim LLC bought a new position in shares of RxSight in the second quarter valued at approximately $476,000. Truist Financial Corp boosted its holdings in shares of RxSight by 11.1% in the 2nd quarter. Truist Financial Corp now owns 5,827 shares of the company’s stock worth $351,000 after acquiring an additional 583 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of RxSight by 279.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 62,935 shares of the company’s stock worth $3,787,000 after acquiring an additional 46,336 shares in the last quarter. Finally, Doheny Asset Management CA grew its position in RxSight by 51.7% during the 2nd quarter. Doheny Asset Management CA now owns 14,490 shares of the company’s stock worth $872,000 after acquiring an additional 4,940 shares during the last quarter. Institutional investors own 78.78% of the company’s stock.

About RxSight

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.