RxSight (NASDAQ:RXST) Stock Price Down 12.3% on Analyst Downgrade

RxSight, Inc. (NASDAQ:RXSTGet Free Report) shares dropped 12.3% during mid-day trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $75.00 to $70.00. Stifel Nicolaus currently has a buy rating on the stock. RxSight traded as low as $48.93 and last traded at $50.00. Approximately 105,286 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 434,268 shares. The stock had previously closed at $56.99.

A number of other research firms have also issued reports on RXST. Oppenheimer raised their target price on RxSight from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Wells Fargo & Company boosted their price objective on RxSight from $61.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. BTIG Research boosted their price objective on RxSight from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Needham & Company LLC boosted their price objective on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, RxSight has an average rating of “Buy” and an average target price of $65.00.

Read Our Latest Analysis on RxSight

Insider Buying and Selling at RxSight

In other RxSight news, Director Julie Andrews sold 15,625 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $58.00, for a total value of $906,250.00. Following the sale, the director now directly owns 30,287 shares in the company, valued at $1,756,646. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RxSight news, Director Julie Andrews sold 15,625 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $58.00, for a total value of $906,250.00. Following the sale, the director now directly owns 30,287 shares in the company, valued at $1,756,646. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shelley B. Thunen sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $52.69, for a total value of $526,900.00. Following the completion of the sale, the chief financial officer now owns 13,938 shares in the company, valued at $734,393.22. The disclosure for this sale can be found here. Insiders have sold 75,625 shares of company stock worth $4,425,250 over the last three months. Company insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

A number of large investors have recently bought and sold shares of the stock. RiverPark Advisors LLC boosted its stake in RxSight by 70.0% in 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. Amalgamated Bank boosted its stake in RxSight by 7.7% in the fourth quarter. Amalgamated Bank now owns 4,148 shares of the company’s stock worth $167,000 after purchasing an additional 298 shares in the last quarter. CWM LLC boosted its stake in RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares in the last quarter. FORA Capital LLC boosted its stake in RxSight by 5.6% in the first quarter. FORA Capital LLC now owns 11,695 shares of the company’s stock worth $603,000 after purchasing an additional 622 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new position in RxSight in the first quarter worth $51,000. 78.78% of the stock is currently owned by institutional investors.

RxSight Price Performance

The company has a market cap of $1.89 billion, a price-to-earnings ratio of -40.56 and a beta of 1.20. The business has a 50 day simple moving average of $58.88 and a 200 day simple moving average of $52.85.

RxSight (NASDAQ:RXSTGet Free Report) last posted its quarterly earnings data on Monday, May 6th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.08). RxSight had a negative return on equity of 27.68% and a negative net margin of 44.01%. The business had revenue of $29.51 million during the quarter, compared to analyst estimates of $27.56 million. During the same period in the prior year, the firm posted ($0.42) EPS. RxSight’s revenue for the quarter was up 68.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that RxSight, Inc. will post -0.77 earnings per share for the current fiscal year.

About RxSight

(Get Free Report)

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.

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