RxSight (NASDAQ:RXST) Price Target Cut to $65.00

RxSight (NASDAQ:RXST) had its price objective cut by Oppenheimer from $72.00 to $65.00 in a report published on Tuesday, Benzinga reports. They currently have an outperform rating on the stock.

RXST has been the topic of several other research reports. Wells Fargo & Company lifted their price objective on RxSight from $61.00 to $68.00 and gave the stock an overweight rating in a report on Tuesday, May 7th. Stifel Nicolaus lowered their price objective on RxSight from $75.00 to $70.00 and set a buy rating for the company in a research report on Wednesday, July 10th. Needham & Company LLC upped their price target on shares of RxSight from $64.00 to $75.00 and gave the company a buy rating in a report on Tuesday, May 7th. Finally, BTIG Research raised their price target on shares of RxSight from $72.00 to $73.00 and gave the stock a buy rating in a report on Monday, July 15th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, RxSight currently has a consensus rating of Buy and a consensus price target of $58.43.

RxSight Price Performance

NASDAQ RXST traded up $1.23 during trading on Tuesday, reaching $50.58. The company’s stock had a trading volume of 295,398 shares, compared to its average volume of 492,008. The stock has a market capitalization of $1.87 billion, a PE ratio of -39.17 and a beta of 1.19. RxSight has a one year low of $20.66 and a one year high of $66.54. The firm has a fifty day moving average of $52.69 and a 200 day moving average of $53.37.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The company had revenue of $34.89 million during the quarter, compared to analysts’ expectations of $32.33 million. RxSight had a negative net margin of 44.01% and a negative return on equity of 27.68%. The firm’s revenue was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) EPS. Research analysts expect that RxSight will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In other RxSight news, CFO Shelley B. Thunen sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $58.61, for a total transaction of $586,100.00. Following the completion of the transaction, the chief financial officer now owns 13,938 shares of the company’s stock, valued at $816,906.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other RxSight news, CFO Shelley B. Thunen sold 10,000 shares of RxSight stock in a transaction on Monday, July 1st. The stock was sold at an average price of $58.61, for a total transaction of $586,100.00. Following the completion of the transaction, the chief financial officer now owns 13,938 shares in the company, valued at $816,906.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ilya Goldshleger sold 9,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $39.25, for a total transaction of $353,250.00. Following the sale, the insider now directly owns 42,246 shares in the company, valued at $1,658,155.50. The disclosure for this sale can be found here. Insiders sold a total of 34,625 shares of company stock worth $1,845,600 in the last quarter. 9.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On RxSight

Institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. boosted its stake in RxSight by 438.8% during the 2nd quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock valued at $21,554,000 after purchasing an additional 291,733 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of RxSight by 21.6% during the third quarter. Vanguard Group Inc. now owns 1,433,953 shares of the company’s stock valued at $39,993,000 after buying an additional 255,150 shares during the last quarter. William Blair Investment Management LLC bought a new stake in RxSight in the 2nd quarter worth about $14,942,000. Great Lakes Advisors LLC purchased a new position in RxSight in the 4th quarter worth about $8,226,000. Finally, M&G Plc bought a new position in RxSight during the 1st quarter valued at about $7,354,000. 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.