RxSight (NASDAQ:RXST) Sets New 52-Week Low – Should You Sell?

RxSight, Inc. (NASDAQ:RXST) shares hit a new 52-week low on Friday . The company traded as low as $34.52 and last traded at $35.15, with a volume of 270144 shares trading hands. The stock had previously closed at $38.19.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RXST shares. Jefferies Financial Group began coverage on RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $42.00 price target (down previously from $56.00) on shares of RxSight in a research report on Wednesday, December 11th. UBS Group initiated coverage on shares of RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Stifel Nicolaus lowered shares of RxSight from a “buy” rating to a “hold” rating and cut their target price for the company from $65.00 to $40.00 in a research report on Friday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.00.

RxSight Trading Down 11.9 %

The company has a market cap of $1.36 billion, a P/E ratio of -40.55 and a beta of 1.11. The business’s 50 day simple moving average is $45.75 and its 200 day simple moving average is $50.09.

Insider Activity at RxSight

In related news, Director Jesse Anderson Corley acquired 11,111 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was acquired at an average cost of $45.37 per share, with a total value of $504,106.07. Following the acquisition, the director now directly owns 468,571 shares in the company, valued at $21,259,066.27. This represents a 2.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ilya Goldshleger sold 3,100 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $52.67, for a total transaction of $163,277.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at $2,225,096.82. This trade represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,707 shares of company stock worth $3,037,386. 9.36% of the stock is owned by corporate insiders.

Institutional Trading of RxSight

Several hedge funds have recently bought and sold shares of the stock. Raymond James & Associates bought a new position in RxSight during the second quarter valued at approximately $3,549,000. Raymond James Trust N.A. purchased a new stake in RxSight during the second quarter valued at $207,000. Bank of New York Mellon Corp lifted its position in RxSight by 17.0% during the second quarter. Bank of New York Mellon Corp now owns 119,493 shares of the company’s stock valued at $7,190,000 after purchasing an additional 17,368 shares during the last quarter. Bailard Inc. bought a new stake in shares of RxSight in the 2nd quarter worth about $247,000. Finally, RiverPark Advisors LLC raised its position in shares of RxSight by 9.6% during the 2nd quarter. RiverPark Advisors LLC now owns 3,379 shares of the company’s stock valued at $203,000 after buying an additional 297 shares in the last quarter. Hedge funds and other 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.