RxSight (NASDAQ:RXST) Shares Gap Down After Earnings Miss

RxSight, Inc. (NASDAQ:RXST) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $29.21, but opened at $27.44. RxSight shares last traded at $27.88, with a volume of 250,578 shares.

The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The business had revenue of $40.21 million during the quarter, compared to the consensus estimate of $40.23 million.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus reduced their price objective on shares of RxSight from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Wednesday. Wells Fargo & Company reduced their price target on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday. UBS Group began coverage on shares of RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 target price on shares of RxSight in a report on Wednesday. Finally, Jefferies Financial Group began coverage on RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.38.

Insider Transactions at RxSight

In related news, Director Shweta Maniar sold 3,519 shares of RxSight stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at approximately $227,913.21. This trade represents a 32.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ilya Goldshleger sold 3,105 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $46.08, for a total value of $143,078.40. Following the sale, the insider now directly owns 42,246 shares in the company, valued at $1,946,695.68. The trade was a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

A number of institutional investors have recently bought and sold shares of RXST. Geode Capital Management LLC increased its position in RxSight by 17.7% during the third quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock valued at $40,398,000 after acquiring an additional 122,775 shares during the last quarter. Victory Capital Management Inc. grew 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. Baillie Gifford & Co. raised its position in RxSight by 17.0% in the 3rd quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock worth $20,711,000 after purchasing an additional 60,789 shares during the period. Barclays PLC lifted its stake in RxSight by 389.8% in the third quarter. Barclays PLC now owns 58,786 shares of the company’s stock worth $2,906,000 after purchasing an additional 46,783 shares during the last quarter. Finally, State Street Corp boosted its position in shares of RxSight by 8.3% during the third quarter. State Street Corp now owns 817,671 shares of the company’s stock valued at $40,417,000 after buying an additional 62,349 shares during the period. 78.78% of the stock is currently owned by institutional investors.

RxSight Stock Down 4.2 %

The business has a 50 day moving average price of $32.78 and a 200 day moving average price of $43.47. The stock has a market cap of $1.13 billion, a P/E ratio of -33.58 and a beta of 1.19.

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.