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 research report issued on Saturday.

A number of other equities research analysts have also issued reports on the stock. UBS Group increased their target price on shares of RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday. Wells Fargo & Company cut their price objective on RxSight from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th. Jefferies Financial Group set a $6.50 target price on RxSight in a report on Tuesday, July 7th. Finally, Bank of America lowered their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating for the company in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $8.59.

RxSight Price Performance

NASDAQ RXST opened at $6.26 on Friday. The company has a market cap of $260.35 million, a P/E ratio of -5.54 and a beta of 1.13. The stock has a 50-day moving average of $5.31 and a two-hundred day moving average of $6.62. 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, topping the consensus estimate of ($0.33) by $0.04. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The business had revenue of $33.74 million for the quarter, compared to analysts’ expectations of $32.55 million. On average, analysts anticipate that RxSight will post -1.31 EPS for the current fiscal year.

Institutional Trading of RxSight

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in shares of RxSight during the 2nd quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in RxSight during the first quarter worth approximately $30,000. Larson Financial Group LLC boosted its holdings in RxSight by 110.5% in the third quarter. Larson Financial Group LLC now owns 3,979 shares of the company’s stock valued at $36,000 after purchasing an additional 2,089 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of RxSight by 440.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,758 shares of the company’s stock valued at $39,000 after buying an additional 3,063 shares in the last quarter. Finally, CWM LLC boosted its stake in RxSight by 211.1% in the fourth quarter. CWM LLC now owns 3,826 shares of the company’s stock valued at $40,000 after acquiring an additional 2,596 shares in the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.