RxSight (NASDAQ:RXST) Shares Down 5.5% - What's Next?

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

Analyst Ratings Changes

Several research firms recently weighed in on RXST. Stifel Nicolaus reduced their price target on shares of RxSight from $33.00 to $28.00 and set a "hold" rating for the company in a research report on Wednesday, March 19th. UBS Group cut shares of RxSight from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $45.00 to $16.00 in a research note on Wednesday, April 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $43.00 price objective on shares of RxSight in a research note on Thursday, April 3rd. Wells Fargo & Company raised shares of RxSight from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $17.00 to $25.00 in a research note on Monday, May 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 objective for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $37.90.

RxSight Stock Performance

The firm's 50 day moving average price is $16.20 and its two-hundred day moving average price is $27.66. The firm has a market cap of $611.59 million, a PE ratio of -18.13 and a beta of 1.32.

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

Insiders Place Their Bets

In other RxSight news, Director Tamara Fountain sold 7,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction 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 trade represents a 22.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.36% of the stock is owned by company insiders.

Institutional Trading of RxSight

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in RxSight by 389.8% in the third quarter. Barclays PLC now owns 58,786 shares of the company's stock valued at $2,906,000 after purchasing an additional 46,783 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of RxSight during the fourth quarter worth $69,000. Vanguard Group Inc. raised its holdings in shares of RxSight by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company's stock worth $81,946,000 after purchasing an additional 96,464 shares during the period. Bank of New York Mellon Corp grew its position in shares of RxSight by 10.0% during the fourth quarter. Bank of New York Mellon Corp now owns 102,882 shares of the company's stock worth $3,537,000 after acquiring an additional 9,385 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of RxSight by 46.7% during the fourth quarter. Van ECK Associates Corp now owns 3,265 shares of the company's stock worth $112,000 after acquiring an additional 1,040 shares during 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.