RxSight (NASDAQ:RXST) Stock Price Down 1.8% After Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s share price dropped 1.8% during trading on Wednesday following insider selling activity. The stock traded as low as $56.04 and last traded at $56.04. Approximately 17,822 shares traded hands during trading, a decline of 96% from the average daily volume of 438,282 shares. The stock had previously closed at $57.04.

Specifically, CEO Ronald M. Md Kurtz sold 40,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the sale, the chief executive officer now owns 764,610 shares of the company’s stock, valued at approximately $45,991,291.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of the stock in a transaction that occurred on 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 owns 764,610 shares of the company’s stock, valued at $45,991,291.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Shelley B. Thunen sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $58.61, for a total value of $586,100.00. Following the transaction, the chief financial officer now directly owns 13,938 shares in the company, valued at $816,906.18. The disclosure for this sale can be found here. Insiders sold 75,625 shares of company stock valued at $4,425,250 over the last 90 days. Corporate insiders own 9.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RXST shares. Needham & Company LLC lifted their price objective on shares of RxSight from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Wells Fargo & Company boosted their price target on RxSight from $61.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Oppenheimer raised their price objective on RxSight from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. BTIG Research lifted their target price on RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Stifel Nicolaus lifted their price objective on shares of RxSight from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $60.63.

RxSight Stock Performance

The firm’s 50 day moving average price is $58.74 and its two-hundred day moving average price is $52.29. The firm has a market cap of $2.11 billion, a PE ratio of -45.23 and a beta of 1.20.

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). RxSight had a negative return on equity of 27.68% and a negative net margin of 44.01%. The business had revenue of $29.51 million for the quarter, compared to analyst estimates of $27.56 million. During the same period last year, the business earned ($0.42) EPS. RxSight’s revenue was up 68.7% compared to the same quarter last year. On average, analysts forecast that RxSight, Inc. will post -0.77 earnings per share for the current year.

Institutional Trading of RxSight

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capstone Investment Advisors LLC acquired a new stake in shares of RxSight in the fourth quarter valued at $642,000. Victory Capital Management Inc. grew its position in RxSight by 108.6% in the 4th quarter. Victory Capital Management Inc. now owns 256,684 shares of the company’s stock valued at $10,349,000 after acquiring an additional 133,642 shares in the last quarter. Parkman Healthcare Partners LLC grew its position in RxSight by 34.5% in the 4th quarter. Parkman Healthcare Partners LLC now owns 513,032 shares of the company’s stock valued at $20,685,000 after acquiring an additional 131,701 shares in the last quarter. Seven Eight Capital LP purchased a new stake in RxSight during the fourth quarter worth about $1,085,000. Finally, Great Lakes Advisors LLC acquired a new stake in shares of RxSight during the fourth quarter worth about $8,226,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

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.