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

RxSight, Inc. (NASDAQ:RXST) shares gapped down prior to trading on Friday . The stock had previously closed at $50.85, but opened at $47.03. RxSight shares last traded at $43.50, with a volume of 289,632 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RXST. Oppenheimer lowered their price objective on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. BTIG Research increased their target price on RxSight from $72.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Stifel Nicolaus cut their price target on RxSight from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Jefferies Financial Group began coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $61.63.

RxSight Trading Down 10.0 %

The company has a market cap of $1.69 billion, a P/E ratio of -43.52 and a beta of 1.19. The business has a 50 day moving average price of $51.37 and a 200-day moving average price of $53.58.

RxSight (NASDAQ:RXST) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.06. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The firm had revenue of $34.89 million for the quarter, compared to analyst estimates of $32.33 million. During the same period in the prior year, the firm posted ($0.40) earnings per share. The company’s quarterly revenue was up 67.6% compared to the same quarter last year. On average, sell-side analysts expect that RxSight, Inc. will post -0.81 earnings per share for the current year.

Insider Transactions at RxSight

In related news, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $52.67, for a total value of $163,277.00. Following the completion of the sale, the insider now directly owns 42,246 shares in the company, valued at approximately $2,225,096.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 43,415 shares of company stock worth $2,178,847 in the last ninety days. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Several hedge funds have recently added to or reduced their stakes in RXST. M&G Plc bought a new position in shares of RxSight in the first quarter valued at about $7,354,000. Inspire Investing LLC acquired a new stake in RxSight during the first quarter worth approximately $917,000. Vanguard Group Inc. boosted its holdings in shares of RxSight by 2.7% during the first quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock worth $78,634,000 after acquiring an additional 40,500 shares during the period. Algert Global LLC bought a new stake in shares of RxSight during the second quarter worth approximately $2,488,000. Finally, Caxton Associates LP acquired a new position in shares of RxSight in the first quarter valued at approximately $1,208,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

About RxSight

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.