RxSight, Inc. (NASDAQ:RXST) Sees Large Growth in Short Interest

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

Analyst Upgrades and Downgrades

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

RxSight Stock Up 2.0 %

Shares of RXST traded up $0.89 during trading hours on Friday, reaching $45.05. 668,980 shares of the company traded hands, compared to its average volume of 490,411. The stock has a fifty day simple moving average of $50.32 and a 200 day simple moving average of $53.28. RxSight has a fifty-two week low of $27.07 and a fifty-two week high of $66.54. The stock has a market capitalization of $1.82 billion, a PE ratio of -54.28 and a beta of 1.19.

Insiders Place Their Bets

In related news, insider Ilya Goldshleger sold 3,100 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $52.67, for a total transaction of $163,277.00. Following the completion of the sale, the insider now owns 42,246 shares in the company, valued at $2,225,096.82. This represents a 6.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jesse Anderson Corley acquired 11,111 shares of the stock in a transaction on Tuesday, November 12th. The shares were acquired at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the transaction, the director now directly owns 468,571 shares in the company, valued at $21,259,066.27. The trade was a 2.43 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 44,745 shares of company stock valued at $2,240,200. 9.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RxSight

Several institutional investors and hedge funds have recently modified their holdings of RXST. M&G Plc purchased a new position in shares of RxSight during the 1st quarter worth $7,354,000. Vanguard Group Inc. lifted its position in RxSight by 2.7% during the first quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock worth $78,634,000 after buying an additional 40,500 shares during the period. Algert Global LLC acquired a new stake in RxSight in the 2nd quarter worth about $2,488,000. Bank of New York Mellon Corp boosted its stake in RxSight by 17.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 119,493 shares of the company’s stock worth $7,190,000 after buying an additional 17,368 shares during the last quarter. Finally, Caxton Associates LP purchased a new stake in RxSight in the 1st quarter valued at about $1,208,000. 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.