RxSight (NASDAQ:RXST) Upgraded 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 Saturday,Wall Street Zen reports.

Other equities analysts have also recently issued reports about the stock. UBS Group boosted their price target on shares of RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Stifel Nicolaus cut their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a report on Monday, August 10th. Bank of America cut their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a report on Tuesday, September 22nd. Finally, Jefferies Financial Group reduced their price objective on RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a research report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $8.17.

RxSight Price Performance

NASDAQ RXST opened at $4.69 on Friday. The company has a 50 day simple moving average of $5.69 and a 200-day simple moving average of $5.81. The firm has a market capitalization of $195.06 million, a price-to-earnings ratio of -4.15 and a beta of 1.15. RxSight has a 52-week low of $4.40 and a 52-week high of $13.22.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.04. The firm had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. On average, analysts predict that RxSight will post -1.03 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mark Wilterding sold 7,765 shares of the firm’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 transaction of $54,044.40. Following the transaction, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 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 completion of the sale, the insider owned 71,775 shares of the company’s stock, valued at $499,554. This trade represents a 6.63% decrease in their ownership of the stock. 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. Insiders sold 16,947 shares of company stock worth $117,951 in the last 90 days. 10.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RXST. Summit Securities Group LLC bought a new position in RxSight during the first quarter valued at about $30,000. Caitong International Asset Management Co. Ltd lifted its position in shares of RxSight by 511.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock worth $44,000 after buying an additional 3,554 shares during the last quarter. Pure Financial Advisors LLC acquired a new stake in shares of RxSight in the second quarter worth about $53,000. The Manufacturers Life Insurance Company acquired a new stake in shares of RxSight in the second quarter worth about $56,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of RxSight during the 2nd quarter worth about $61,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

RxSight Company Profile

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.