RxSight (NASDAQ:RXST) Reaches New 12-Month Low – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $24.79 and last traded at $25.71, with a volume of 11515 shares changing hands. The stock had previously closed at $25.10.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RXST. Stifel Nicolaus reduced their price target on shares of RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price objective on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Wells Fargo & Company cut their price target on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. UBS Group began coverage on shares of RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $43.00 price objective on shares of RxSight in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, RxSight has a consensus rating of “Moderate Buy” and an average target price of $51.63.

RxSight Price Performance

The stock’s 50 day simple moving average is $31.47 and its two-hundred day simple moving average is $42.05. The firm has a market cap of $1.03 billion, a P/E ratio of -30.66 and a beta of 1.22.

RxSight (NASDAQ:RXST) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $40.21 million during the quarter, compared to analysts’ expectations of $40.23 million. Equities research analysts anticipate that RxSight, Inc. will post -0.7 earnings per share for the current year.

Insider Buying and Selling at RxSight

In other RxSight news, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction that occurred on 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 directly owns 7,383 shares in the company, valued at $227,913.21. This represents a 32.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction dated Wednesday, January 15th. The shares were bought at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the transaction, the director now owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently modified their holdings of RXST. Principal Financial Group Inc. boosted its stake in shares of RxSight by 0.7% during the third quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock valued at $1,782,000 after purchasing an additional 240 shares during the period. Los Angeles Capital Management LLC bought a new stake in RxSight during the 3rd quarter valued at $988,000. Baillie Gifford & Co. lifted its stake in RxSight by 17.0% in the third quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock worth $20,711,000 after acquiring an additional 60,789 shares during the period. Victory Capital Management Inc. raised its holdings in shares of RxSight by 21.0% in 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 in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in RxSight by 15.6% during the third quarter. Oppenheimer & Co. Inc. now owns 6,099 shares of the company’s stock worth $301,000 after buying an additional 823 shares during the period. 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.