RxSight (NASDAQ:RXST) Shares Gap Up – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $14.19, but opened at $15.39. RxSight shares last traded at $15.54, with a volume of 519,383 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RXST shares. Stifel Nicolaus lowered their target price on RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday, March 19th. Piper Sandler initiated coverage on RxSight in a research note on Tuesday, April 15th. They set a “neutral” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. restated an “underweight” rating and set a $17.00 price target (down previously from $40.00) on shares of RxSight in a report on Friday, April 4th. Needham & Company LLC restated a “buy” rating and set a $43.00 price target on shares of RxSight in a report on Thursday, April 3rd. Finally, Bank of America reiterated an “underperform” rating and issued a $22.00 target price (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.90.

RxSight Stock Up 1.8%

The stock has a 50-day moving average of $17.72 and a 200 day moving average of $29.62. The stock has a market cap of $675.39 million, a PE ratio of -20.02 and a beta of 1.32.

RxSight (NASDAQ:RXST) last released its earnings results on Wednesday, May 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $37.90 million during the quarter, compared to analysts’ expectations of $38.74 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. RxSight’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.25) EPS. Research analysts forecast that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

Insider Transactions 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 sale, the director now owns 24,793 shares in the company, valued at $637,428.03. This represents a 22.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RXST. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in RxSight by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company’s stock valued at $2,358,000 after purchasing an additional 8,424 shares during the period. Goldman Sachs Group Inc. raised its position in RxSight by 57.9% in the first quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company’s stock valued at $7,838,000 after purchasing an additional 113,767 shares during the period. Parkman Healthcare Partners LLC raised its position in RxSight by 109.9% in the first quarter. Parkman Healthcare Partners LLC now owns 631,238 shares of the company’s stock valued at $15,939,000 after purchasing an additional 330,540 shares during the period. Petrus Trust Company LTA raised its position in RxSight by 5.0% in the first quarter. Petrus Trust Company LTA now owns 19,651 shares of the company’s stock valued at $496,000 after purchasing an additional 938 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in RxSight by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company’s stock valued at $552,000 after purchasing an additional 1,232 shares during the period. 78.78% of the stock is owned by hedge funds and other institutional investors.

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.