RxSight (NASDAQ:RXST) Stock Price Crosses Above 50 Day Moving Average - Here's Why

Key Points

• RxSight shares rose above their 50-day moving average, trading as high as $5.29 and last at $5.28, versus a 50-day average of $5.10.
• Analyst sentiment is broadly neutral: the consensus rating is Hold with an average price target of $6.94, though recent target changes were mixed.
• The company missed quarterly expectations, reporting a loss of $0.39 per share versus the $0.31 loss analysts forecast and revenue of $24.59 million versus estimates of $27.19 million.

RxSight, Inc. (NASDAQ:RXST - Get Free Report) shares crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $5.10 and traded as high as $5.29. RxSight shares last traded at $5.28, with a volume of 808,156 shares trading hands.

Wall Street Analyst Weigh In

RXST has been the subject of several research reports. Bank of America reduced their target price on shares of RxSight from $6.50 to $5.50 and set an "underperform" rating for the company in a research note on Tuesday, September 22nd. UBS Group boosted their price target on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Piper Sandler cut their price target on RxSight from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, November 4th. Jefferies Financial Group cut their price target on RxSight from $6.50 to $5.75 and set a "hold" rating for the company in a report on Tuesday, September 22nd. Finally, Wells Fargo & Company reduced their price objective on RxSight from $9.00 to $6.00 and set an "equal weight" rating for the company in a research report on Wednesday, November 4th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $6.94.

RxSight Price Performance

The stock's 50 day simple moving average is $5.10 and its two-hundred day simple moving average is $6.19. The stock has a market cap of $221.39 million, a price-to-earnings ratio of -4.12 and a beta of 1.21.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.08). The business had revenue of $24.59 million during the quarter, compared to analyst estimates of $27.19 million. RxSight had a negative net margin of 43.80% and a negative return on equity of 20.11%. As a group, analysts predict that RxSight, Inc. will post -0.78 earnings per share for the current year.

Insider Activity

In related news, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of the transaction, the chief financial officer owned 25,049 shares of the company's stock, valued at $174,341.04. This represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ronald M. Md Kurtz sold 5,100 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $35,496.00. Following the transaction, the insider owned 71,775 shares of the company's stock, valued at approximately $499,554. This represents a 6.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On RxSight

Institutional investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC acquired a new position in shares of RxSight in the 2nd quarter worth approximately $1,726,000. Vitruvian Partners LLP bought a new position in shares of RxSight during the 2nd quarter worth approximately $1,344,129. Bank of America Corp DE bought a new position in shares of RxSight during the 2nd quarter worth approximately $2,339,000. Tocqueville Asset Management L.P. acquired a new stake in RxSight in the 2nd quarter valued at $1,277,000. Finally, Canada Pension Plan Investment Board acquired a new stake in RxSight in the 2nd quarter valued at $874,000. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Company Profile

RxSight, Inc. is a medical technology company focused on improving visual outcomes for patients undergoing cataract surgery. The company develops and commercializes ophthalmic products that allow surgeons to customize a patient's vision after surgery. Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company's Light Delivery Device, enabling physicians to refine the lens power based on the patient's postoperative visual needs.

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