RxSight (NASDAQ:RXST) Earns “Buy” Rating from Needham & Company LLC

RxSight (NASDAQ:RXST)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $66.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 119.41% from the company’s previous close.

A number of other brokerages have also commented on RXST. Jefferies Financial Group assumed coverage on shares of RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective on the stock. Stifel Nicolaus downgraded RxSight from a “buy” rating to a “hold” rating and dropped their price target for the company from $65.00 to $40.00 in a research note on Friday, December 20th. UBS Group initiated coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $42.00 price objective (down from $56.00) on shares of RxSight in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.13.

RxSight Stock Performance

NASDAQ RXST opened at $30.08 on Monday. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -36.24 and a beta of 1.20. The business has a 50 day simple moving average of $40.18 and a 200 day simple moving average of $47.17. RxSight has a 52-week low of $26.29 and a 52-week high of $66.54.

Insider Activity at RxSight

In other news, Director Shweta Maniar sold 3,782 shares of RxSight stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $45.88, for a total value of $173,518.16. Following the completion of the transaction, the director now owns 10,902 shares of the company’s stock, valued at $500,183.76. This trade represents a 25.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ilya Goldshleger sold 3,105 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $46.08, for a total transaction of $143,078.40. Following the transaction, the insider now owns 42,246 shares in the company, valued at $1,946,695.68. This represents a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,902 shares of company stock valued at $1,805,478. 9.36% of the stock is owned by insiders.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of RxSight by 17.7% in the third quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock valued at $40,398,000 after buying an additional 122,775 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in RxSight by 21.0% during the 3rd quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock valued at $12,845,000 after purchasing an additional 45,161 shares during the last quarter. Algert Global LLC bought a new position in RxSight during the second quarter worth $2,488,000. Baillie Gifford & Co. increased its holdings in shares of RxSight by 17.0% in the third quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock valued at $20,711,000 after purchasing an additional 60,789 shares during the last quarter. Finally, Barclays PLC raised its position in shares of RxSight by 389.8% in the third quarter. Barclays PLC now owns 58,786 shares of the company’s stock valued at $2,906,000 after purchasing an additional 46,783 shares during the period. 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.