RxSight (NASDAQ:RXST) Shares Down 11.3% – Time to Sell?

RxSight, Inc. (NASDAQ:RXST)’s share price dropped 11.3% on Tuesday . The stock traded as low as $14.97 and last traded at $14.74. Approximately 917,795 shares traded hands during trading, an increase of 56% from the average daily volume of 587,705 shares. The stock had previously closed at $16.61.

Analyst Ratings Changes

RXST has been the topic of a number of recent research reports. Wells Fargo & Company decreased their target price on RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, April 3rd. Needham & Company LLC restated a “buy” rating and issued a $43.00 price target on shares of RxSight in a research report on Thursday, April 3rd. Stifel Nicolaus cut their price objective on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 19th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $17.00 target price (down from $40.00) on shares of RxSight in a report on Friday. Finally, Bank of America reaffirmed an “underperform” rating and set a $22.00 price target (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, RxSight presently has a consensus rating of “Hold” and a consensus price target of $43.78.

RxSight Price Performance

The company has a 50-day moving average of $27.80 and a 200 day moving average of $37.53. The company has a market cap of $606.96 million, a PE ratio of -18.06 and a beta of 1.26.

RxSight (NASDAQ:RXST) last released its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.25). The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. Equities research analysts expect that RxSight, Inc. will post -0.7 EPS for the current year.

Insider Transactions at RxSight

In other RxSight news, Director Jesse Anderson Corley purchased 1,443 shares of RxSight stock in a transaction dated Wednesday, January 15th. The shares were purchased at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares in the company, valued at $44,992.74. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value of $179,970.00. Following the sale, the director now directly owns 24,793 shares of the company’s stock, valued at $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

A number of hedge funds and other institutional investors have recently bought and sold shares of RXST. Quarry LP grew its holdings in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after purchasing an additional 288 shares during the last quarter. Mountain Capital Investment Advisors Inc. boosted its position in RxSight by 3.8% in the 4th quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after buying an additional 320 shares during the period. The Manufacturers Life Insurance Company grew its stake in RxSight by 1.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock worth $1,034,000 after acquiring an additional 399 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of 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 acquiring an additional 445 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of RxSight by 1.2% during the fourth quarter. Legal & General Group Plc now owns 42,445 shares of the company’s stock valued at $1,459,000 after acquiring an additional 512 shares in 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.