RxSight (NASDAQ:RXST) Shares Gap Up – Here’s What Happened

Shares of RxSight, Inc. (NASDAQ:RXST) gapped up prior to trading on Tuesday . The stock had previously closed at $24.76, but opened at $25.76. RxSight shares last traded at $25.17, with a volume of 11,146 shares trading hands.

Wall Street Analyst Weigh In

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

RxSight Stock Performance

The company has a 50-day moving average of $30.95 and a 200-day moving average of $41.52. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -31.41 and a beta of 1.22.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. As a group, analysts anticipate that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling at RxSight

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

Hedge Funds Weigh In On RxSight

A number of large investors have recently modified their holdings of RXST. Principal Financial Group Inc. increased its position in shares of RxSight by 0.7% during the 3rd quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock worth $1,782,000 after purchasing an additional 240 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in RxSight in the third quarter valued at $988,000. Baillie Gifford & Co. grew its position in shares of RxSight by 17.0% in the 3rd quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock valued at $20,711,000 after acquiring an additional 60,789 shares during the period. Victory Capital Management Inc. increased its stake in shares of RxSight by 21.0% during the 3rd quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock worth $12,845,000 after purchasing an additional 45,161 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of RxSight by 15.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,099 shares of the company’s stock valued at $301,000 after purchasing an additional 823 shares during the period. 78.78% of the stock is currently 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.