RxSight, Inc. (NASDAQ:RXST) Receives $8.37 Average Price Target from Analysts

Shares of RxSight, Inc. (NASDAQ:RXST) have earned a consensus recommendation of “Reduce” from the eleven brokerages that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $8.3667.

Several research analysts recently commented on RXST shares. Bank of America reduced their price objective on RxSight from $8.00 to $6.50 and set an “underperform” rating for the company in a research note on Tuesday, July 7th. UBS Group lifted their target price on shares of RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of RxSight in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group set a $6.50 price target on shares of RxSight in a research note on Tuesday, July 7th.

RxSight Trading Up 1.0%

NASDAQ:RXST opened at $6.02 on Tuesday. The stock has a 50 day moving average of $6.10 and a two-hundred day moving average of $6.27. RxSight has a 12 month low of $4.48 and a 12 month high of $13.22. The firm has a market cap of $250.37 million, a P/E ratio of -5.33 and a beta of 1.16.

RxSight (NASDAQ:RXST) last released its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.04. The business had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. On average, research analysts forecast that RxSight will post -1.01 earnings per share for the current year.

Insider Transactions at RxSight

In other news, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $54,044.40. Following the sale, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. The trade was a 23.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ronald M. Md Kurtz sold 5,100 shares of RxSight stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $35,496.00. Following the sale, the insider directly owned 71,775 shares in the company, valued at approximately $499,554. The trade was a 6.63% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is owned by insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RXST. Raymond James Financial Inc. purchased a new stake in RxSight in the second quarter valued at $28,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of RxSight by 440.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,758 shares of the company’s stock worth $39,000 after purchasing an additional 3,063 shares during the period. CWM LLC grew its holdings in shares of RxSight by 211.1% during the 4th quarter. CWM LLC now owns 3,826 shares of the company’s stock worth $40,000 after purchasing an additional 2,596 shares during the period. Larson Financial Group LLC increased its position in shares of RxSight by 110.5% during the 3rd quarter. Larson Financial Group LLC now owns 3,979 shares of the company’s stock worth $36,000 after purchasing an additional 2,089 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of RxSight during the 1st quarter worth about $30,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.