RxSight (NASDAQ:RXST) Stock Crosses Above Fifty Day Moving Average – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of RxSight from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. Jefferies Financial Group lowered their price target on shares of RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. Needham & Company LLC dropped their price target on RxSight from $11.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 4th. Stifel Nicolaus reduced their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Finally, Wells Fargo & Company decreased their price objective on RxSight from $9.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 4th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.94.

RxSight Stock Performance

The company has a market capitalization of $223.07 million, a P/E ratio of -4.16 and a beta of 1.21. The firm’s fifty day moving average is $5.04 and its 200 day moving average is $6.15.

RxSight (NASDAQ:RXST) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.08). RxSight had a negative net margin of 43.80% and a negative return on equity of 20.11%. The business had revenue of $24.59 million for the quarter, compared to analysts’ expectations of $27.19 million. On average, analysts forecast that RxSight, Inc. will post -0.78 EPS for the current year.

Insider Buying and Selling at RxSight

In other news, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the completion of the sale, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. This trade represents a 23.66% 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. 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 business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $35,496.00. Following the sale, the insider directly owned 71,775 shares of the company’s stock, valued at $499,554. This represents a 6.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 16,947 shares of company stock worth $117,951 in the last ninety days. 10.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXST. Bank of New York Mellon Corp grew its stake in RxSight by 6.3% in the 1st quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company’s stock worth $618,000 after acquiring an additional 5,978 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in shares of RxSight during the second quarter worth approximately $53,000. The Manufacturers Life Insurance Company purchased a new position in shares of RxSight during the second quarter worth approximately $56,000. Great Lakes Advisors LLC purchased a new position in shares of RxSight during the second quarter worth approximately $61,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of RxSight during the first quarter valued at approximately $81,000. Institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc. is a medical technology company focused on products for cataract surgery and vision correction. Its main offering is the Light Adjustable Lens (LAL), an intraocular lens implanted during cataract surgery that can be adjusted after the procedure to refine a patient’s vision. Adjustments are made with RxSight’s Light Delivery Device, which uses ultraviolet light to change the lens’s optical power. The company also provides related treatment-planning and patient-care products and services for clinicians using the LAL system.