RxSight (NASDAQ:RXST) Trading Down 5.5% - Should You Sell?

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) dropped 5.5% on Friday . The company traded as low as $15.56 and last traded at $15.33. Approximately 269,478 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 690,095 shares. The stock had previously closed at $16.23.

Analysts Set New Price Targets

Several research firms have recently weighed in on RXST. Wells Fargo & Company upgraded RxSight from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $17.00 to $25.00 in a research report on Monday, May 19th. UBS Group lowered shares of RxSight from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $45.00 to $16.00 in a report on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and issued a $43.00 price objective on shares of RxSight in a research report on Thursday, April 3rd. Stifel Nicolaus reduced their target price on shares of RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a research report on Wednesday, March 19th. Finally, Piper Sandler began coverage on shares of RxSight in a research note on Tuesday, April 15th. They set a "neutral" rating and a $18.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RxSight currently has an average rating of "Hold" and an average price target of $37.90.

RxSight Stock Performance

The firm's 50 day moving average is $16.03 and its 200 day moving average is $27.45. The stock has a market cap of $642.47 million, a P/E ratio of -19.05 and a beta of 1.32.

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

Insider Buying and Selling

In other RxSight news, Director Tamara Fountain sold 7,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were 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 approximately $637,428.03. This represents a 22.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.36% of the stock is currently owned by corporate insiders.

Institutional Trading of RxSight

A number of hedge funds have recently modified their holdings of RXST. Vanguard Group Inc. boosted its holdings in RxSight by 0.4% during the first quarter. Vanguard Group Inc. now owns 2,392,052 shares of the company's stock worth $60,399,000 after buying an additional 8,504 shares in the last quarter. Bank of America Corp DE increased its position in shares of RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company's stock worth $74,258,000 after purchasing an additional 413,737 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in RxSight by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company's stock valued at $53,345,000 after purchasing an additional 381,389 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RxSight by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 830,758 shares of the company's stock valued at $28,568,000 after purchasing an additional 13,641 shares in the last quarter. Finally, Credit Agricole S A lifted its holdings in RxSight by 32.8% in the 1st quarter. Credit Agricole S A now owns 786,063 shares of the company's stock valued at $19,848,000 after purchasing an additional 194,032 shares in the last quarter. Hedge funds and other institutional investors own 78.78% of the company's stock.

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.