RxSight (NASDAQ:RXST) Trading Down 4.7% - Here's What Happened

RxSight, Inc. (NASDAQ:RXST - Get Free Report) shares dropped 4.7% during mid-day trading on Friday . The stock traded as low as $15.30 and last traded at $15.15. Approximately 98,446 shares were traded during trading, a decline of 86% from the average daily volume of 683,953 shares. The stock had previously closed at $15.89.

Wall Street Analyst Weigh In

RXST has been the subject of several recent research reports. UBS Group downgraded RxSight from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $45.00 to $16.00 in a research report on Wednesday, April 9th. Bank of America reissued an "underperform" rating and set a $22.00 price target (down previously from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. Stifel Nicolaus lowered their price objective on shares of 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 research note on Friday, April 4th. Finally, Wells Fargo & Company raised RxSight from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $17.00 to $25.00 in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $37.90.

RxSight Stock Up 2.8%

The company has a market capitalization of $655.27 million, a P/E ratio of -19.43 and a beta of 1.32. The company has a 50-day moving average of $16.92 and a two-hundred day moving average of $28.48.

RxSight (NASDAQ:RXST - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.03). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $37.90 million for the quarter, compared to the consensus estimate of $38.74 million. During the same period in the prior year, the firm earned ($0.25) EPS. The company's revenue was up 28.5% compared to the same quarter last year. As a group, equities analysts expect that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling at RxSight

In related news, Director Tamara Fountain sold 7,000 shares of the company'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 transaction, the director now directly owns 24,793 shares of the company's stock, valued at approximately $637,428.03. This represents a 22.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.36% of the company's stock.

Institutional Investors Weigh In On RxSight

Several institutional investors have recently modified their holdings of the business. Private Trust Co. NA bought a new position in RxSight during the 4th quarter valued at about $34,000. State of Wyoming bought a new position in RxSight during the fourth quarter valued at approximately $37,000. Coppell Advisory Solutions LLC lifted its position in RxSight by 108.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after purchasing an additional 672 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in RxSight in the fourth quarter worth approximately $46,000. Finally, Global Retirement Partners LLC purchased a new stake in RxSight during the 4th quarter valued at $69,000. 78.78% of the stock is 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.