RxSight (NASDAQ:RXST) Hits New 12-Month Low – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $24.79 and last traded at $25.71, with a volume of 11515 shares changing hands. The stock had previously closed at $25.10.

Analyst Upgrades and Downgrades

RXST has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 target price on shares of RxSight in a research report on Wednesday, February 26th. Stifel Nicolaus cut their target price on shares of RxSight from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Wednesday, February 26th. UBS Group began coverage on shares of RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.63.

RxSight Trading Up 2.7 %

The stock has a market capitalization of $1.03 billion, a PE ratio of -30.65 and a beta of 1.22. The stock has a 50 day moving average price of $31.11 and a 200-day moving average price of $41.63.

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

Insider Transactions at RxSight

In related news, Director Jesse Anderson Corley purchased 1,443 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now owns 1,443 shares of the company’s stock, valued at $44,992.74. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Shweta Maniar sold 3,519 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the sale, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP increased its position in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in RxSight during the third quarter valued at $34,000. Private Trust Co. NA acquired a new stake in shares of RxSight in the fourth quarter valued at about $34,000. State of Wyoming purchased a new stake in shares of RxSight during the fourth quarter worth about $37,000. Finally, KBC Group NV raised its position in shares of RxSight by 63.6% during the 3rd quarter. KBC Group NV now owns 1,232 shares of the company’s stock worth $61,000 after purchasing an additional 479 shares during the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

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.