RxSight (NASDAQ:RXST) Trading Down 12.3% Following Analyst Downgrade

Shares of RxSight, Inc. (NASDAQ:RXST) dropped 12.3% during trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $75.00 to $70.00. Stifel Nicolaus currently has a buy rating on the stock. RxSight traded as low as $48.93 and last traded at $50.00. Approximately 105,286 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 434,268 shares. The stock had previously closed at $56.99.

A number of other research analysts have also recently issued reports on RXST. Oppenheimer lifted their price objective on RxSight from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. BTIG Research lifted their price objective on RxSight from $61.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Wells Fargo & Company lifted their price objective on RxSight from $61.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Finally, Needham & Company LLC lifted their price objective on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $65.00.

Insider Activity

In other news, CFO Shelley B. Thunen sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $52.69, for a total value of $526,900.00. Following the completion of the sale, the chief financial officer now directly owns 13,938 shares in the company, valued at $734,393.22. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of RxSight stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $60.15, for a total value of $2,406,000.00. Following the completion of the sale, the chief executive officer now directly owns 764,610 shares in the company, valued at $45,991,291.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Shelley B. Thunen sold 10,000 shares of RxSight stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $52.69, for a total value of $526,900.00. Following the completion of the sale, the chief financial officer now owns 13,938 shares of the company’s stock, valued at $734,393.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,625 shares of company stock worth $4,425,250. 9.36% of the stock is owned by corporate insiders.

Institutional Trading of RxSight

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RXST. CWM LLC increased its position in RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares during the period. RiverPark Advisors LLC grew its position in shares of RxSight by 70.0% during the 4th quarter. RiverPark Advisors LLC now owns 668 shares of the company’s stock worth $27,000 after buying an additional 275 shares during the period. Larson Financial Group LLC acquired a new position in shares of RxSight during the 1st quarter worth about $51,000. Amalgamated Bank grew its position in shares of RxSight by 7.7% during the 4th quarter. Amalgamated Bank now owns 4,148 shares of the company’s stock worth $167,000 after buying an additional 298 shares during the period. Finally, Clear Rock Advisors LLC acquired a new position in shares of RxSight during the 4th quarter worth about $172,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

RxSight Stock Performance

The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -39.51 and a beta of 1.20. The company has a 50-day moving average price of $58.68 and a 200-day moving average price of $52.82.

RxSight (NASDAQ:RXST) last posted its earnings results on Monday, May 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.08). The company had revenue of $29.51 million for the quarter, compared to analyst estimates of $27.56 million. RxSight had a negative return on equity of 27.68% and a negative net margin of 44.01%. RxSight’s quarterly revenue was up 68.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.42) earnings per share. As a group, sell-side analysts anticipate that RxSight, Inc. will post -0.77 earnings per share for the current fiscal year.

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.