RxSight (NASDAQ:RXST) Stock Price Down 12.3% After Analyst Downgrade

RxSight, Inc. (NASDAQ:RXST)’s share price was down 12.3% 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 changed hands during trading, a decline of 76% from the average daily volume of 434,268 shares. The stock had previously closed at $56.99.

Several other brokerages have also commented on RXST. Wells Fargo & Company raised their price objective on shares of RxSight from $61.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. BTIG Research raised their price objective on shares of RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Oppenheimer raised their price objective on shares of RxSight from $61.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Finally, Needham & Company LLC raised their price objective on shares of RxSight from $64.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $65.00.

Insider Activity

In other news, CEO Ronald M. Md Kurtz sold 40,000 shares of RxSight 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 transaction, the chief executive officer now directly owns 764,610 shares in the company, valued at $45,991,291.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Julie Andrews sold 15,625 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $58.00, for a total transaction of $906,250.00. Following the completion of the sale, the director now owns 30,287 shares of the company’s stock, valued at $1,756,646. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the firm’s 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 sale, the chief executive officer now directly 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 ninety days, insiders sold 75,625 shares of company stock worth $4,425,250. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC increased its position in shares of RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares in the last quarter. RiverPark Advisors LLC increased its position in shares of RxSight by 70.0% during the fourth quarter. RiverPark Advisors LLC now owns 668 shares of the company’s stock valued at $27,000 after acquiring an additional 275 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of RxSight during the first quarter valued at approximately $51,000. Amalgamated Bank increased its position in shares of RxSight by 7.7% during the fourth quarter. Amalgamated Bank now owns 4,148 shares of the company’s stock valued at $167,000 after acquiring an additional 298 shares in the last quarter. Finally, Clear Rock Advisors LLC bought a new stake in shares of RxSight during the fourth quarter valued at approximately $172,000. Institutional investors own 78.78% of the company’s stock.

RxSight Stock Performance

The firm has a market cap of $1.89 billion, a P/E ratio of -40.56 and a beta of 1.20. The business’s 50-day simple moving average is $58.88 and its 200 day simple moving average is $52.85.

RxSight (NASDAQ:RXST) last posted its earnings results on Monday, May 6th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $29.51 million during the quarter, compared to the consensus estimate of $27.56 million. During the same period last year, the firm posted ($0.42) EPS. The company’s revenue for the quarter was up 68.7% on a year-over-year basis. As a group, equities research analysts expect that RxSight, Inc. will post -0.77 EPS for the current year.

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.