RxSight, Inc. (NASDAQ:RXST) Short Interest Up 25.1% in October

RxSight, Inc. (NASDAQ:RXST) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,740,000 shares, a growth of 25.1% from the October 15th total of 2,190,000 shares. Currently, 7.2% of the shares of the stock are short sold. Based on an average daily volume of 464,800 shares, the days-to-cover ratio is presently 5.9 days.

Insider Activity

In other news, Director Jesse Anderson Corley purchased 11,111 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were acquired at an average price of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the acquisition, the director now directly owns 468,571 shares in the company, valued at approximately $21,259,066.27. The trade was a 2.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $53.19, for a total value of $164,889.00. Following the completion of the sale, the insider now owns 42,246 shares of the company’s stock, valued at approximately $2,247,064.74. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,745 shares of company stock valued at $2,240,200 over the last three months. 9.36% of the stock is owned by insiders.

Institutional Investors Weigh In On RxSight

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC boosted its stake in RxSight by 727.5% in the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after buying an additional 521 shares during the period. Quarry LP boosted its position in shares of RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after buying an additional 288 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of RxSight during the third quarter worth about $34,000. Finally, Quest Partners LLC acquired a new stake in RxSight in the 2nd quarter valued at approximately $41,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

RxSight Stock Performance

RXST stock traded up $0.89 during mid-day trading on Friday, hitting $45.05. 668,980 shares of the company were exchanged, compared to its average volume of 648,083. RxSight has a 1-year low of $27.07 and a 1-year high of $66.54. The firm’s 50 day simple moving average is $50.32 and its 200 day simple moving average is $53.28. The firm has a market cap of $1.82 billion, a P/E ratio of -54.28 and a beta of 1.19.

Analysts Set New Price Targets

RXST has been the subject of a number of analyst reports. Oppenheimer lowered their target price on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Wells Fargo & Company dropped their price objective on RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Jefferies Financial Group started coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 target price on the stock. Stifel Nicolaus cut their price target on shares of RxSight from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $66.00 price objective on shares of RxSight in a research note on Friday, September 13th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $61.63.

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.