RxSight (NASDAQ:RXST) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

RxSight (NASDAQ:RXST) posted its earnings results on Tuesday. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.10, FiscalAI reports. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The firm had revenue of $24.59 million during the quarter, compared to analyst estimates of $27.19 million.

RxSight Stock Performance

Shares of RXST stock traded down $0.21 during midday trading on Tuesday, reaching $4.59. 1,190,789 shares of the company were exchanged, compared to its average volume of 919,842. The company’s 50 day moving average price is $5.36 and its two-hundred day moving average price is $6.36. The company has a market cap of $190.91 million, a P/E ratio of -4.06 and a beta of 1.15. RxSight has a 12 month low of $4.40 and a 12 month high of $13.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Wall Street Zen lowered RxSight from a “hold” rating to a “sell” rating in a report on Sunday, October 25th. Bank of America lowered their target price on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research report on Tuesday, September 22nd. Jefferies Financial Group cut their target price on RxSight from $6.50 to $5.75 and set a “hold” rating on the stock in a research note on Tuesday, September 22nd. Finally, UBS Group boosted their price target on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $8.17.

Insider Activity at RxSight

In related news, insider M Kurtz sold 5,100 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 $35,496.00. Following the transaction, the insider owned 71,775 shares in the company, valued at $499,554. This trade represents a 6.63% decrease in their ownership of the stock. The transaction 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, CFO Mark Wilterding sold 7,765 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. The trade was a 23.66% 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 sold 16,947 shares of company stock valued at $117,951 over the last quarter. Insiders own 10.05% of the company’s stock.

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 customize a patient’s vision after surgery.

Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company’s Light Delivery Device, enabling physicians to refine the lens power based on the patient’s postoperative visual needs.