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

Shares of RxSight, Inc. (NASDAQ:RXST) have been given an average recommendation of “Reduce” by the twelve research firms that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $8.17.

Several research analysts recently weighed in on the company. Stifel Nicolaus decreased their target price on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Jefferies Financial Group reduced their price objective 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. Wall Street Zen lowered shares of RxSight from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Finally, Bank of America lowered their price objective on shares of RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research note on Tuesday, September 22nd.

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 completion of the sale, the chief financial officer directly owned 25,049 shares in the company, 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 filing with the SEC, which is available at 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 stock was sold at an average price of $6.96, for a total transaction of $35,496.00. Following the completion of the transaction, the insider owned 71,775 shares in the company, valued at approximately $499,554. This trade represents a 6.63% decrease in their position. 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 90 days. 10.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RxSight

A number of hedge funds have recently modified their holdings of RXST. Corient Private Wealth LP raised its position in shares of RxSight by 176.6% during the second quarter. Corient Private Wealth LP now owns 85,838 shares of the company’s stock worth $414,000 after purchasing an additional 54,806 shares during the period. Grandeur Peak Global Advisors LLC boosted its position in shares of RxSight by 55.2% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock valued at $3,482,000 after purchasing an additional 256,848 shares during the period. Moore Capital Management LP boosted its position in shares of RxSight by 116.2% in the 2nd quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock valued at $730,000 after purchasing an additional 81,438 shares during the period. Hsbc Holdings PLC increased its stake in RxSight by 16.6% in the 2nd quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock worth $445,000 after purchasing an additional 13,162 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in RxSight in the 2nd quarter worth about $165,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

RxSight Stock Performance

Shares of NASDAQ RXST opened at $4.80 on Friday. The stock has a fifty day moving average price of $5.94 and a two-hundred day moving average price of $5.91. The firm has a market cap of $199.63 million, a P/E ratio of -4.25 and a beta of 1.15. RxSight has a 1 year low of $4.48 and a 1 year high of $13.22.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results 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. The company had revenue of $33.74 million for the quarter, compared to analysts’ expectations 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 predict that RxSight will post -1.03 earnings per share for the current fiscal year.

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.