RxSight (NASDAQ:RXST) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of RxSight (NASDAQ:RXST) from a sell rating to a hold rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

Several other analysts have also commented on RXST. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of RxSight in a research report on Tuesday, July 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Bank of America reduced their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a research report on Tuesday, July 7th. UBS Group upped their price target on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group set a $6.50 price target on RxSight in a report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $8.37.

RxSight Price Performance

RXST stock opened at $5.20 on Friday. RxSight has a 52-week low of $4.48 and a 52-week high of $13.22. The company’s 50-day simple moving average is $6.12 and its 200-day simple moving average is $6.16. The firm has a market cap of $216.27 million, a P/E ratio of -4.60 and a beta of 1.16.

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

Insider Activity at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of the sale, the chief financial officer owned 25,049 shares in the company, valued at $174,341.04. This represents a 23.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider M Kurtz sold 5,100 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the sale, the insider directly owned 71,775 shares of the company’s stock, valued at approximately $499,554. This represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in shares of RxSight during the 1st quarter valued at $30,000. Caitong International Asset Management Co. Ltd boosted its holdings in RxSight by 511.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock valued at $44,000 after acquiring an additional 3,554 shares during the last quarter. Pure Financial Advisors LLC purchased a new stake in RxSight during the second quarter valued at about $53,000. The Manufacturers Life Insurance Company acquired a new stake in RxSight during the second quarter worth about $56,000. Finally, Great Lakes Advisors LLC acquired a new stake in RxSight during the second quarter worth about $61,000. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

RxSight, Inc is a medical technology company focused on improving visual outcomes for patients undergoing cataract surgery. The company develops and commercializes ophthalmic products that allow surgeons to adjust a patient’s vision after surgery rather than relying solely on preoperative measurements and the initial implanted lens.

Its primary products include the RxSight Light Adjustable Lens and the RxSight Light Delivery Device. The lens is implanted during cataract surgery and can be adjusted after surgery through controlled ultraviolet-light treatments delivered by the company’s device.