Ilya Goldshleger, Co-President and Chief Operating Officer of RxSight, Inc. (NASDAQ:RXST), reported selling a total of $170,494 worth of common stock on November 7, according to a recent SEC filing. The sales, executed under a pre-arranged trading plan, involved 2,900 shares sold at a weighted average price of $54.9616 and an additional 200 shares at $55.53.
In a separate transaction, Goldshleger acquired 3,100 shares through stock option exercises at a price of $15.08 per share, adding $46,748 in value to his holdings. Following these transactions, he directly owns 42,246 shares, while an additional 1,372 shares are held indirectly by his spouse.
In other recent news, RxSight Inc. reported a significant 68% increase in revenue for the second quarter of 2024, reaching $34.9 million, primarily driven by the successful sales of their Light Adjustable Lens (LAL) units and Light Delivery Devices (LDDs). Encouraged by this growth, RxSight increased its full-year revenue guidance for 2024. Analyst firms Jefferies, Stifel, BTIG, and Needham have maintained their Buy ratings on RxSight's stock, reflecting their confidence in the company's growth trajectory. Jefferies predicts potential growth to over 50% in the U.S. market over the long term, while Stifel and Needham anticipate RxSight will surpass sales estimates, predicting a robust beat with sales ranging between $37 million and $38 million.
In addition, RxSight has achieved FDA approval for an extension of the spherical refractive power range for the LAL+, expected to enhance commercial distribution by the end of 2024. The company is also committed to expanding its international regulatory approvals. These are recent developments surrounding RxSight Inc. that investors might find interesting, as they highlight the company's ongoing growth and potential for further expansion.
InvestingPro Insights
RxSight, Inc. (NASDAQ:RXST) has demonstrated impressive financial performance, with InvestingPro data showing a robust revenue growth of 67.52% over the last twelve months as of Q3 2024. This strong growth trajectory aligns with the insider trading activity reported, potentially indicating management's confidence in the company's future prospects.
Despite the company's current lack of profitability, as highlighted by an InvestingPro Tip, RxSight boasts a solid financial position. The company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors provide RxSight with financial flexibility to support its growth initiatives.
Investors should note that RxSight's stock has delivered a high return over the last year, with a one-year price total return of 104.71% as of the latest data. This performance reflects the market's positive sentiment towards the company's potential.
For those seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for RxSight, providing deeper insights into the company's financial health and market position.
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