RxSight (NASDAQ:RXST) Trading 8.8% Higher – Should You Buy?

RxSight, Inc. (NASDAQ:RXST)’s share price was up 8.8% during mid-day trading on Thursday . The company traded as high as $26.50 and last traded at $26.52. Approximately 111,626 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 529,793 shares. The stock had previously closed at $24.37.

Analyst Upgrades and Downgrades

RXST has been the topic of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. UBS Group started coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Bank of America reduced their target price on RxSight from $60.00 to $36.00 and set a “buy” rating for the company in a report on Friday, March 21st. Needham & Company LLC reiterated a “buy” rating and set a $43.00 price target on shares of RxSight in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. reduced their price objective on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.33.

RxSight Price Performance

The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -32.00 and a beta of 1.22. The business has a fifty day moving average of $29.10 and a 200 day moving average of $39.17.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Tuesday, February 25th. 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 for the quarter, compared to analysts’ expectations of $40.23 million. On average, equities research analysts expect that RxSight, Inc. will post -0.7 EPS for the current year.

Insider Activity

In other news, Director Tamara Fountain sold 7,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total transaction of $179,970.00. Following the sale, the director now owns 24,793 shares of the company’s stock, valued at approximately $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jesse Anderson Corley bought 1,443 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was bought at an average price of $31.18 per share, with a total value of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares of the company’s stock, valued at $44,992.74. This trade represents a ∞ increase in their position. 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 large investors have recently bought and sold shares of RXST. Quarry LP raised its holdings in shares of RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares in the last quarter. Mountain Capital Investment Advisors Inc. boosted its holdings in RxSight by 3.8% in the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after purchasing an additional 320 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in RxSight by 1.9% in the third quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock valued at $1,034,000 after purchasing an additional 399 shares during the last quarter. Wells Fargo & Company MN raised its holdings in RxSight by 1.7% during the fourth quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock worth $914,000 after purchasing an additional 445 shares in the last quarter. Finally, MCIA Inc lifted its position in shares of RxSight by 5.7% during the 3rd quarter. MCIA Inc now owns 8,459 shares of the company’s stock worth $385,000 after buying an additional 459 shares during the last quarter. Hedge funds and other 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.