RxSight (NASDAQ:RXST) Stock Price Up 8.8% – What’s Next?

RxSight, Inc. (NASDAQ:RXST)’s share price traded up 8.8% during mid-day trading on Thursday . The stock traded as high as $26.50 and last traded at $26.52. 111,626 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 529,793 shares. The stock had previously closed at $24.37.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RXST shares. Bank of America cut their price objective on RxSight from $60.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Wells Fargo & Company cut their price target on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $43.00 price objective on shares of RxSight in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their price objective on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Finally, UBS Group started coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.33.

RxSight Stock Up 9.1 %

The firm has a fifty day moving average of $29.27 and a 200-day moving average of $39.44. The firm has a market cap of $1.08 billion, a P/E ratio of -32.08 and a beta of 1.22.

RxSight (NASDAQ:RXST) last issued its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $40.21 million during the quarter, compared to the consensus estimate of $40.23 million. On average, equities analysts forecast that RxSight, Inc. will post -0.7 EPS for the current year.

Insider Transactions at RxSight

In related news, Director Jesse Anderson Corley bought 1,443 shares of RxSight stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average price of $31.18 per share, with a total value of $44,992.74. Following the acquisition, the director now owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tamara Fountain sold 7,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the transaction, the director now directly owns 24,793 shares in the company, valued at approximately $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RxSight

A number of large investors have recently made changes to their positions in RXST. RA Capital Management L.P. grew its holdings in RxSight by 6.0% in the 3rd quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock valued at $193,609,000 after buying an additional 222,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of RxSight by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock valued at $81,946,000 after acquiring an additional 96,464 shares in the last quarter. Bank of America Corp DE increased its position in RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after acquiring an additional 413,737 shares during the period. Artisan Partners Limited Partnership raised its stake in RxSight by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock worth $53,345,000 after purchasing an additional 381,389 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of RxSight by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 830,758 shares of the company’s stock worth $28,568,000 after purchasing an additional 13,641 shares in 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.