RxSight (NASDAQ:RXST) Stock Price Up 1.6% – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s share price rose 1.6% on Wednesday . The stock traded as high as $47.40 and last traded at $46.79. Approximately 49,971 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 486,818 shares. The stock had previously closed at $46.06.

Analysts Set New Price Targets

A number of brokerages have issued reports on RXST. Oppenheimer decreased their target price on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Jefferies Financial Group assumed coverage on RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. Stifel Nicolaus lowered their price target on RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Wells Fargo & Company cut their price objective on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, RxSight has an average rating of “Buy” and a consensus price target of $61.63.

RxSight Stock Up 0.7 %

The business has a 50-day simple moving average of $49.00 and a 200-day simple moving average of $52.48. The stock has a market cap of $1.87 billion, a P/E ratio of -55.78 and a beta of 1.19.

Insider Transactions at RxSight

In other RxSight news, Director Jesse Anderson Corley purchased 11,111 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were bought at an average cost of $45.37 per share, with a total value of $504,106.07. Following the transaction, the director now directly owns 468,571 shares in the company, valued at approximately $21,259,066.27. This represents a 2.43 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ilya Goldshleger sold 1,330 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $46.13, for a total value of $61,352.90. Following the transaction, the insider now owns 42,246 shares of the company’s stock, valued at approximately $1,948,807.98. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,702 shares of company stock worth $3,059,197. 9.36% of the stock is owned by insiders.

Hedge Funds Weigh In On RxSight

Large investors have recently bought and sold shares of the stock. M&G Plc raised its position in shares of RxSight by 12.4% during the second quarter. M&G Plc now owns 159,005 shares of the company’s stock valued at $9,540,000 after buying an additional 17,577 shares during the last quarter. Vanguard Group Inc. raised its holdings in RxSight by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock valued at $78,634,000 after acquiring an additional 40,500 shares in the last quarter. Algert Global LLC bought a new stake in shares of RxSight in the 2nd quarter worth approximately $2,488,000. Victory Capital Management Inc. grew its holdings 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 in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of RxSight by 17.0% during the second quarter. Bank of New York Mellon Corp now owns 119,493 shares of the company’s stock valued at $7,190,000 after purchasing an additional 17,368 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.