RxSight (NASDAQ:RXST) Hits New 52-Week Low – Here’s Why

RxSight, Inc. (NASDAQ:RXST) shares reached a new 52-week low during trading on Friday . The stock traded as low as $33.00 and last traded at $33.26, with a volume of 80145 shares trading hands. The stock had previously closed at $34.50.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Jefferies Financial Group started coverage on shares of RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Stifel Nicolaus downgraded shares of RxSight from a “buy” rating to a “hold” rating and cut their price target for the stock from $65.00 to $40.00 in a research note on Friday, December 20th. Wells Fargo & Company reissued an “equal weight” rating and set a $42.00 price objective (down from $56.00) on shares of RxSight in a research note on Wednesday, December 11th. Finally, UBS Group started coverage on RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, RxSight presently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

RxSight Stock Performance

The company’s fifty day moving average is $41.02 and its two-hundred day moving average is $47.65. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -40.28 and a beta of 1.20.

Insider Transactions at RxSight

In other RxSight news, Director Shweta Maniar sold 3,782 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $45.88, for a total transaction of $173,518.16. Following the completion of the sale, the director now owns 10,902 shares in the company, valued at $500,183.76. This trade represents a 25.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $50.09, for a total transaction of $155,279.00. Following the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at $2,116,102.14. The trade was a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,102 shares of company stock valued at $2,115,075 over the last quarter. Company insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brown Capital Management LLC acquired a new position in RxSight in the third quarter worth $26,813,000. Point72 Asset Management L.P. boosted its position in shares of RxSight by 610.2% during the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock worth $22,094,000 after buying an additional 384,041 shares during the period. Marshall Wace LLP bought a new stake in RxSight during the 2nd quarter valued at $19,512,000. Driehaus Capital Management LLC lifted its holdings in RxSight by 74.9% in the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock worth $42,490,000 after purchasing an additional 302,367 shares during the period. Finally, William Blair Investment Management LLC acquired a new stake in shares of RxSight in the 2nd quarter worth approximately $14,942,000. Institutional investors own 78.78% of the company’s stock.

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.