RxSight (NASDAQ:RXST) Shares Gap Up After Analyst Upgrade

RxSight, Inc. (NASDAQ:RXST)’s share price gapped up before the market opened on Tuesday after Wells Fargo & Company raised their price target on the stock from $61.00 to $68.00. The stock had previously closed at $62.84, but opened at $66.54. Wells Fargo & Company currently has an overweight rating on the stock. RxSight shares last traded at $64.77, with a volume of 92,056 shares.

A number of other brokerages also recently commented on RXST. BTIG Research boosted their target price on shares of RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of RxSight from $40.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Stifel Nicolaus upped their price target on RxSight from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. Oppenheimer boosted their target price on RxSight from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Needham & Company LLC increased their price target on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, RxSight currently has an average rating of “Buy” and a consensus price target of $60.63.

Insider Activity

In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of RxSight stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the completion of the sale, the chief executive officer now owns 764,610 shares of the company’s stock, valued at $45,991,291.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other RxSight news, CFO Shelley B. Thunen sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $49.90, for a total value of $998,000.00. Following the sale, the chief financial officer now owns 8,402 shares in the company, valued at approximately $419,259.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the completion of the transaction, the chief executive officer now owns 764,610 shares of the company’s stock, valued at $45,991,291.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,365 shares of company stock valued at $5,020,520. Company insiders own 21.13% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. RiverPark Advisors LLC increased its stake in shares of RxSight by 70.0% during the fourth quarter. RiverPark Advisors LLC now owns 668 shares of the company’s stock worth $27,000 after purchasing an additional 275 shares in the last quarter. Larson Financial Group LLC purchased a new position in RxSight in the 1st quarter valued at $51,000. Amalgamated Bank boosted its stake in RxSight by 7.7% during the 4th quarter. Amalgamated Bank now owns 4,148 shares of the company’s stock worth $167,000 after purchasing an additional 298 shares during the last quarter. Clear Rock Advisors LLC purchased a new stake in shares of RxSight during the fourth quarter worth $172,000. Finally, Clarus Group Inc. acquired a new stake in shares of RxSight in the fourth quarter valued at about $202,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

RxSight Price Performance

The stock has a market capitalization of $2.30 billion, a PE ratio of -43.49 and a beta of 1.21. The company’s 50 day moving average price is $52.86 and its two-hundred day moving average price is $43.32.

RxSight (NASDAQ:RXST) last released its earnings results on Monday, May 6th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.08). RxSight had a negative return on equity of 31.16% and a negative net margin of 54.57%. The business had revenue of $29.51 million during the quarter, compared to analysts’ expectations of $27.56 million. During the same period last year, the business earned ($0.42) earnings per share. The company’s revenue for the quarter was up 68.7% compared to the same quarter last year. Analysts forecast that RxSight, Inc. will post -0.94 earnings per share for the current year.

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.