RxSight (NASDAQ:RXST) Shares Gap Down to $60.66

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $60.66, but opened at $57.77. RxSight shares last traded at $58.38, with a volume of 397,762 shares changing hands.

Analyst Ratings Changes

Several research analysts recently issued reports on RXST shares. Stifel Nicolaus lifted their target price on RxSight from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. Needham & Company LLC lifted their target price on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. Oppenheimer boosted their price objective on RxSight from $61.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on RxSight from $40.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Finally, BTIG Research boosted their price objective on RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, RxSight has a consensus rating of “Buy” and an average price target of $60.63.

RxSight Stock Performance

The business has a 50-day simple moving average of $53.03 and a 200 day simple moving average of $43.71. The firm has a market cap of $2.31 billion, a P/E ratio of -42.42 and a beta of 1.21.

RxSight (NASDAQ:RXST) last announced 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). RxSight had a negative return on equity of 31.16% and a negative net margin of 54.57%. The firm had revenue of $29.51 million during the quarter, compared to the consensus estimate of $27.56 million. During the same period in the prior year, the company posted ($0.42) EPS. The firm’s revenue was up 68.7% on a year-over-year basis. On average, research analysts expect that RxSight, Inc. will post -0.94 EPS for the current year.

Insiders Place Their Bets

In other RxSight news, CEO Ronald M. Md Kurtz sold 40,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction 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 approximately $45,991,291.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Shelley B. Thunen sold 20,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $49.90, for a total transaction of $998,000.00. Following the completion of the sale, the chief financial officer now owns 8,402 shares of the company’s stock, valued at approximately $419,259.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the company’s 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 owns 764,610 shares of the company’s stock, valued at approximately $45,991,291.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,365 shares of company stock valued at $5,020,520. 21.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RXST. Lisanti Capital Growth LLC lifted its stake in RxSight by 108.6% in the 3rd quarter. Lisanti Capital Growth LLC now owns 123,205 shares of the company’s stock worth $3,436,000 after purchasing an additional 64,130 shares in the last quarter. Trexquant Investment LP lifted its stake in RxSight by 82.9% in the 3rd quarter. Trexquant Investment LP now owns 47,230 shares of the company’s stock worth $1,317,000 after purchasing an additional 21,401 shares in the last quarter. Vanguard Group Inc. lifted its stake in RxSight by 21.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,433,953 shares of the company’s stock worth $39,993,000 after purchasing an additional 255,150 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of RxSight by 263.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 243,346 shares of the company’s stock worth $6,787,000 after buying an additional 176,451 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in shares of RxSight by 17.3% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,437,765 shares of the company’s stock worth $67,989,000 after buying an additional 359,295 shares during the last quarter. Hedge funds and other institutional investors 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.