RxSight (NASDAQ:RXST) Shares Gap Down – Time to Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.23, but opened at $11.29. RxSight shares last traded at $11.3550, with a volume of 52,199 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on RXST. Stifel Nicolaus set a $10.00 price target on shares of RxSight in a research note on Thursday, November 6th. Wells Fargo & Company raised their target price on RxSight from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Morgan Stanley boosted their target price on RxSight from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 2nd. Needham & Company LLC increased their price target on RxSight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of RxSight from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, RxSight presently has a consensus rating of “Reduce” and an average price target of $9.67.

RxSight Trading Down 7.2%

The stock has a fifty day simple moving average of $10.28 and a two-hundred day simple moving average of $9.93. The firm has a market cap of $466.68 million, a PE ratio of -12.90 and a beta of 1.13.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.15. RxSight had a negative net margin of 25.15% and a negative return on equity of 12.82%. The company had revenue of $30.34 million during the quarter, compared to analysts’ expectations of $25.63 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. RxSight’s revenue for the quarter was down 31.4% on a year-over-year basis. As a group, sell-side analysts predict that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RxSight

A number of institutional investors and hedge funds have recently made changes to their positions in RXST. Vanguard Group Inc. raised its holdings in shares of RxSight by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,392,052 shares of the company’s stock valued at $60,399,000 after acquiring an additional 8,504 shares in the last quarter. Artisan Partners Limited Partnership increased its position in shares of RxSight by 27.4% in the second quarter. Artisan Partners Limited Partnership now owns 2,252,544 shares of the company’s stock worth $29,283,000 after purchasing an additional 485,021 shares during the last quarter. Millennium Management LLC raised its stake in RxSight by 130.6% in the third quarter. Millennium Management LLC now owns 2,193,062 shares of the company’s stock valued at $19,716,000 after purchasing an additional 1,241,885 shares in the last quarter. No Street GP LP lifted its position in RxSight by 35.4% during the third quarter. No Street GP LP now owns 1,625,000 shares of the company’s stock valued at $14,609,000 after purchasing an additional 425,000 shares during the last quarter. Finally, Brown Capital Management LLC grew its stake in RxSight by 18.2% in the 2nd quarter. Brown Capital Management LLC now owns 1,119,240 shares of the company’s stock worth $14,550,000 after buying an additional 171,952 shares in the last quarter. Hedge funds and other institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.