RxSight (NASDAQ:RXST) Shares Down 4.8% – Time to Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price was down 4.8% during mid-day trading on Wednesday . The company traded as low as $37.21 and last traded at $37.30. Approximately 347,906 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 496,667 shares. The stock had previously closed at $39.17.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RXST. Jefferies Financial Group began coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $66.00 price target on shares of RxSight in a research report on Friday, September 13th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $42.00 target price (down previously from $56.00) on shares of RxSight in a research report on Wednesday. Finally, UBS Group initiated coverage on RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 price target for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.13.

RxSight Price Performance

The stock has a market capitalization of $1.52 billion, a P/E ratio of -44.94 and a beta of 1.11. The stock’s 50-day simple moving average is $47.65 and its 200 day simple moving average is $51.22.

Insider Activity at RxSight

In other RxSight news, Director Shweta Maniar sold 3,782 shares of the 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 transaction, the director now owns 10,902 shares in the company, valued at $500,183.76. This represents a 25.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was 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 $2,247,064.74. This represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,807 shares of company stock worth $3,202,275. Insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Hedge funds have recently added to or reduced their stakes in the stock. Brown Capital Management LLC acquired a new stake in RxSight in the third quarter valued at $26,813,000. Point72 Asset Management L.P. boosted its position in shares of RxSight by 610.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock valued at $22,094,000 after purchasing an additional 384,041 shares in the last quarter. Marshall Wace LLP bought a new stake in RxSight in the second quarter worth approximately $19,512,000. Driehaus Capital Management LLC lifted its stake in RxSight by 74.9% in the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock valued at $42,490,000 after buying an additional 302,367 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings in shares of RxSight by 438.8% during the 2nd quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock worth $21,554,000 after buying an additional 291,733 shares in the last quarter. Institutional investors and hedge funds 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.