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

RxSight, Inc. (NASDAQ:RXST) crossed 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 changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RXST. Piper Sandler reduced their target price on shares of RxSight from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 4th. Stifel Nicolaus dropped their target price on shares of RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Monday, August 10th. Wall Street Zen raised shares of RxSight from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. UBS Group boosted their price target on shares of RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Finally, Jefferies Financial Group decreased their price objective on shares of RxSight from $6.50 to $5.75 and set a “hold” rating on the stock in a research note on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.94.

RxSight Stock Performance

The stock has a 50-day moving average of $5.10 and a 200 day moving average of $6.19. The firm has a market capitalization of $221.39 million, a P/E ratio of -4.12 and a beta of 1.21.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data 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). The business had revenue of $24.59 million during the quarter, compared to the consensus estimate of $27.19 million. RxSight had a negative net margin of 43.80% and a negative return on equity of 20.11%. On average, equities analysts predict that RxSight, Inc. will post -0.78 EPS for the current year.

Insiders Place Their Bets

In related news, insider Ronald M. Md Kurtz sold 5,100 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $35,496.00. Following the transaction, the insider owned 71,775 shares in the company, valued at $499,554. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the sale, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. This represents a 23.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC bought a new position in shares of RxSight in the second quarter worth about $1,726,000. Vitruvian Partners LLP bought a new stake in shares of RxSight during the second quarter valued at approximately $1,344,129. Bank of America Corp DE bought a new stake in shares of RxSight during the second quarter valued at approximately $2,339,000. Tocqueville Asset Management L.P. bought a new stake in shares of RxSight during the second quarter valued at approximately $1,277,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of RxSight during the second quarter valued at approximately $874,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

About RxSight

RxSight, Inc. is a medical technology company focused on improving visual outcomes for patients undergoing cataract surgery. The company develops and commercializes ophthalmic products that allow surgeons to customize a patient’s vision after surgery. Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company’s Light Delivery Device, enabling physicians to refine the lens power based on the patient’s postoperative visual needs.