RxSight (NASDAQ:RXST) Trading Down 3.1% After Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s share price was down 3.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $27.22 and last traded at $27.26. Approximately 333,963 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 365,074 shares. The stock had previously closed at $28.13.

Specifically, Director Bakker Juliet Tammenoms sold 16,208 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $29.25, for a total transaction of $474,084.00. Following the completion of the sale, the director now directly owns 53,173 shares in the company, valued at approximately $1,555,310.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Shweta Maniar sold 4,292 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.06, for a total transaction of $120,433.52. Following the completion of the sale, the director now directly owns 24,947 shares in the company, valued at $700,012.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bakker Juliet Tammenoms sold 16,208 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $29.25, for a total transaction of $474,084.00. Following the sale, the director now owns 53,173 shares of the company’s stock, valued at $1,555,310.25. The disclosure for this sale can be found here. Insiders sold 143,417 shares of company stock worth $3,997,054 in the last ninety days. 21.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RXST shares. Needham & Company LLC dropped their target price on shares of RxSight from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, November 10th. Oppenheimer raised their target price on shares of RxSight from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 8th.

RxSight Price Performance

The firm has a market cap of $987.23 million, a PE ratio of -15.91 and a beta of 0.79. The firm has a 50-day simple moving average of $25.88 and a 200 day simple moving average of $26.99.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data on Thursday, November 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.07. The business had revenue of $22.20 million during the quarter, compared to analysts’ expectations of $20.81 million. RxSight had a negative return on equity of 39.77% and a negative net margin of 71.87%. Sell-side analysts forecast that RxSight, Inc. will post -1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RXST. JPMorgan Chase & Co. raised its stake in RxSight by 52.2% during the first quarter. JPMorgan Chase & Co. now owns 8,227 shares of the company’s stock valued at $102,000 after buying an additional 2,820 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of RxSight by 123.8% in the 1st quarter. Bank of New York Mellon Corp now owns 38,663 shares of the company’s stock worth $479,000 after purchasing an additional 21,385 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of RxSight in the first quarter worth $153,000. BlackRock Inc. lifted its holdings in shares of RxSight by 86.0% during the first quarter. BlackRock Inc. now owns 735,589 shares of the company’s stock valued at $9,106,000 after purchasing an additional 340,091 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of RxSight by 89.1% during the first quarter. Vanguard Group Inc. now owns 638,813 shares of the company’s stock valued at $7,908,000 after buying an additional 301,055 shares during the last quarter. Hedge funds and other institutional investors own 66.51% of the company’s stock.

About RxSight

RxSight, Inc, an ophthalmic 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.