RxSight (NASDAQ:RXST) Trading 8.8% Higher – Here’s What Happened

RxSight, Inc. (NASDAQ:RXST) shares were up 8.8% during trading on Thursday . The stock traded as high as $26.50 and last traded at $26.52. Approximately 111,626 shares traded hands during trading, a decline of 79% from the average daily volume of 529,793 shares. The stock had previously closed at $24.37.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Needham & Company LLC reiterated a “buy” rating and issued a $43.00 price objective on shares of RxSight in a research report on Wednesday, February 26th. Wells Fargo & Company cut their price target on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. UBS Group started coverage on RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Bank of America decreased their target price on RxSight from $60.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating and seven 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 target price of $49.33.

RxSight Stock Down 0.4 %

The stock has a fifty day moving average price of $29.10 and a two-hundred day moving average price of $39.17. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -32.00 and a beta of 1.22.

RxSight (NASDAQ:RXST) last announced its 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). The firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. As a group, research analysts forecast that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RxSight news, Director Jesse Anderson Corley purchased 1,443 shares of the stock in a transaction on Wednesday, January 15th. The stock was bought at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now directly 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 purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Tamara Fountain sold 7,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the transaction, the director now directly owns 24,793 shares of the company’s stock, valued at approximately $637,428.03. This represents a 22.02 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is owned by company insiders.

Institutional Trading of RxSight

Institutional investors have recently made changes to their positions in the stock. RA Capital Management L.P. lifted its stake in shares of RxSight by 6.0% in the 3rd quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock valued at $193,609,000 after purchasing an additional 222,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in RxSight by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock valued at $81,946,000 after buying an additional 96,464 shares during the period. Bank of America Corp DE grew its stake in RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after buying an additional 413,737 shares during the period. Artisan Partners Limited Partnership increased its position in shares of RxSight by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock worth $53,345,000 after acquiring an additional 381,389 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of RxSight by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 830,758 shares of the company’s stock valued at $28,568,000 after acquiring an additional 13,641 shares during the period. 78.78% of the stock is owned by hedge funds and other institutional investors.

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.