Summit Global Investments Increases Stock Position in RxSight, Inc. (NASDAQ:RXST)

Summit Global Investments lifted its holdings in shares of RxSight, Inc. (NASDAQ:RXST) by 24.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,393 shares of the company’s stock after acquiring an additional 1,664 shares during the period. Summit Global Investments’ holdings in RxSight were worth $212,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of RxSight by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock worth $81,946,000 after acquiring an additional 96,464 shares during the last quarter. Bank of America Corp DE grew its position in shares of RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after acquiring an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of RxSight by 32.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock worth $53,345,000 after acquiring an additional 381,389 shares during the last quarter. Geode Capital Management LLC grew its position in shares of RxSight by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 830,758 shares of the company’s stock worth $28,568,000 after acquiring an additional 13,641 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of RxSight by 1.6% during the fourth quarter. Deutsche Bank AG now owns 657,224 shares of the company’s stock worth $22,595,000 after acquiring an additional 10,634 shares during the last quarter. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RXST shares. UBS Group lowered shares of RxSight from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $45.00 to $16.00 in a research report on Wednesday, April 9th. Wells Fargo & Company upgraded shares of RxSight from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $17.00 to $25.00 in a research report on Monday, May 19th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $17.00 price objective (down from $40.00) on shares of RxSight in a research report on Friday, April 4th. Needham & Company LLC reiterated a “buy” rating and issued a $43.00 price objective on shares of RxSight in a research report on Thursday, April 3rd. Finally, Bank of America reiterated an “underperform” rating and issued a $22.00 price objective (down from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, RxSight has a consensus rating of “Hold” and an average target price of $37.90.

RxSight Stock Performance

Shares of NASDAQ RXST opened at $15.05 on Monday. The firm has a market capitalization of $611.59 million, a P/E ratio of -18.13 and a beta of 1.32. RxSight, Inc. has a one year low of $12.53 and a one year high of $60.81. The company’s fifty day moving average is $16.20 and its two-hundred day moving average is $27.66.

RxSight (NASDAQ:RXST) last issued its earnings results on Wednesday, May 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $37.90 million for the quarter, compared to analyst estimates of $38.74 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The business’s revenue was up 28.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.25) EPS. On average, sell-side analysts forecast that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the transaction, the director now owns 24,793 shares of the company’s stock, valued at $637,428.03. The trade was a 22.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 9.36% of the company’s stock.

RxSight Company Profile

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.