RxSight (NASDAQ:RXST) Raised to Hold at Wall Street Zen

RxSight (NASDAQ:RXST) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued research reports about the stock. Bank of America lowered their price target on shares of RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a report on Tuesday, September 22nd. Piper Sandler reduced their price objective on shares of RxSight from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Wednesday, November 4th. Wells Fargo & Company decreased their price objective on shares of RxSight from $9.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Needham & Company LLC lowered their target price on shares of RxSight from $11.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.94.

RxSight Stock Performance

Shares of RxSight stock opened at $4.54 on Friday. RxSight has a one year low of $4.11 and a one year high of $13.22. The stock’s fifty day moving average is $5.22 and its 200 day moving average is $6.26. The stock has a market cap of $190.36 million, a P/E ratio of -3.55 and a beta of 1.21.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.08). The company had revenue of $24.59 million for the quarter, compared to the consensus estimate of $27.19 million. RxSight had a negative net margin of 43.80% and a negative return on equity of 20.11%. Analysts predict that RxSight will post -1.03 EPS for the current year.

Insiders Place Their Bets

In related news, insider M 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 transaction of $35,496.00. Following the completion of the transaction, the insider directly owned 71,775 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this link. 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 firm’s stock in a transaction 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 directly owned 25,049 shares of the company’s stock, valued at $174,341.04. The trade was a 23.66% 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. In the last 90 days, insiders have sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in RxSight during the second quarter valued at $27,910,000. Bank of America Corp DE raised its stake in shares of RxSight by 30.3% in the first quarter. Bank of America Corp DE now owns 1,210,039 shares of the company’s stock valued at $7,454,000 after acquiring an additional 281,426 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of RxSight by 761.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock valued at $6,969,000 after acquiring an additional 1,000,000 shares during the period. Grandeur Peak Global Advisors LLC bought a new stake in shares of RxSight in the 2nd quarter worth about $3,482,000. Finally, Deutsche Bank AG bought a new stake in shares of RxSight in the 2nd quarter worth about $2,604,000. Hedge funds and other institutional investors 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 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.