RxSight (NASDAQ:RXST) Shares Gap Up After Analyst Upgrade

RxSight, Inc. (NASDAQ:RXST)’s share price gapped up before the market opened on Tuesday after Wells Fargo & Company raised their price target on the stock from $61.00 to $68.00. The stock had previously closed at $62.84, but opened at $66.54. Wells Fargo & Company currently has an overweight rating on the stock. RxSight shares last traded at $64.77, with a volume of 92,056 shares.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised their price target on RxSight from $40.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Needham & Company LLC lifted their price target on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. BTIG Research upped their price target on shares of RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday. Oppenheimer raised their price objective on shares of RxSight from $61.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Stifel Nicolaus upped their target price on shares of RxSight from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $60.63.

Insider Buying and Selling

In other RxSight news, Director Bakker Juliet Tammenoms bought 4,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $50.38 per share, for a total transaction of $201,520.00. Following the transaction, the director now owns 25,840 shares in the company, valued at approximately $1,301,819.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other RxSight news, Director Bakker Juliet Tammenoms bought 4,000 shares of the stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $50.38 per share, with a total value of $201,520.00. Following the acquisition, the director now owns 25,840 shares of the company’s stock, valued at $1,301,819.20. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the sale, the chief executive officer now owns 764,610 shares of the company’s stock, valued at approximately $45,991,291.50. The disclosure for this sale can be found here. Insiders sold a total of 90,365 shares of company stock worth $5,020,520 over the last three months. 21.13% of the stock is currently owned by company 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. SG Americas Securities LLC grew its position in shares of RxSight by 95.6% during the 3rd quarter. SG Americas Securities LLC now owns 9,970 shares of the company’s stock worth $278,000 after buying an additional 4,873 shares during the period. Bank of New York Mellon Corp increased its stake in RxSight by 3.0% in the third quarter. Bank of New York Mellon Corp now owns 106,203 shares of the company’s stock valued at $2,962,000 after purchasing an additional 3,132 shares in the last quarter. TD Asset Management Inc acquired a new stake in RxSight in the third quarter worth $293,000. Allspring Global Investments Holdings LLC boosted its position in shares of RxSight by 263.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 243,346 shares of the company’s stock worth $6,787,000 after purchasing an additional 176,451 shares in the last quarter. Finally, Lisanti Capital Growth LLC grew its holdings in shares of RxSight by 108.6% in the 3rd quarter. Lisanti Capital Growth LLC now owns 123,205 shares of the company’s stock valued at $3,436,000 after buying an additional 64,130 shares during the period. Institutional investors own 78.78% of the company’s stock.

RxSight Trading Down 2.5 %

The company has a market cap of $2.24 billion, a price-to-earnings ratio of -42.42 and a beta of 1.21. The firm’s fifty day moving average price is $52.95 and its 200-day moving average price is $43.59.

RxSight (NASDAQ:RXST) last posted its earnings results on Monday, May 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.08). The business had revenue of $29.51 million during the quarter, compared to analyst estimates of $27.56 million. RxSight had a negative net margin of 54.57% and a negative return on equity of 31.16%. The firm’s revenue was up 68.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.42) earnings per share. As a group, research analysts anticipate that RxSight, Inc. will post -0.94 EPS for the current year.

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.