RxSight, Inc. (NASDAQ:RXST) Stock Has Consensus Target Price of $8.17

Shares of RxSight, Inc. (NASDAQ:RXST) have been given an average rating of “Reduce” by the twelve ratings firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $8.17.

A number of equities analysts recently issued reports on the company. Bank of America cut their target price on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a report on Tuesday, September 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Stifel Nicolaus dropped their price objective on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Wall Street Zen cut shares of RxSight from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Jefferies Financial Group decreased their target price on shares of RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a research report on Tuesday, September 22nd.

Insider Buying and Selling

In other RxSight news, CFO Mark Wilterding sold 7,765 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of the transaction, 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 sale 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 Ronald M. Md Kurtz sold 5,100 shares of the firm’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 $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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,947 shares of company stock valued at $117,951 over the last ninety days. 10.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its stake in shares of RxSight by 511.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock valued at $44,000 after purchasing an additional 3,554 shares in the last quarter. Summit Securities Group LLC purchased a new position in RxSight in the 1st quarter worth $30,000. Rockefeller Capital Management L.P. raised its position in RxSight by 27.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company’s stock worth $248,000 after purchasing an additional 5,203 shares during the period. Corient Private Wealth LLC lifted its stake in RxSight by 19.7% in the fourth quarter. Corient Private Wealth LLC now owns 36,095 shares of the company’s stock worth $376,000 after purchasing an additional 5,933 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in RxSight by 6.3% in the first quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company’s stock worth $618,000 after purchasing an additional 5,978 shares during the last quarter. 78.78% of the stock is owned by hedge funds and other institutional investors.

RxSight Trading Up 1.7%

RXST opened at $4.76 on Friday. RxSight has a 1-year low of $4.48 and a 1-year high of $13.22. The company has a market cap of $197.97 million, a P/E ratio of -4.21 and a beta of 1.15. The company has a fifty day moving average price of $6.00 and a two-hundred day moving average price of $5.94.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data 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 firm had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. On average, research analysts forecast that RxSight will post -1.03 EPS for the current fiscal year.

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.