RxSight (NASDAQ:RXST) Stock Rating Lowered by Wall Street Zen

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

Other research analysts have also issued reports about the company. Bank of America reduced their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a research report on Tuesday, July 7th. UBS Group raised their price target on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Jefferies Financial Group set a $6.50 price objective on shares of RxSight in a report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research report on Tuesday, September 8th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, RxSight presently has a consensus rating of “Reduce” and a consensus price target of $8.37.

RxSight Price Performance

Shares of RXST opened at $6.02 on Friday. The company has a 50 day moving average of $6.10 and a two-hundred day moving average of $6.25. RxSight has a twelve month low of $4.48 and a twelve month high of $13.22. The company has a market cap of $250.37 million, a price-to-earnings ratio of -5.33 and a beta of 1.16.

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 analysts’ consensus estimates of ($0.33) by $0.04. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.The business had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. On average, sell-side analysts expect that RxSight will post -1.01 EPS for the current year.

Insider Activity at RxSight

In other news, insider Ronald M. Md Kurtz sold 5,100 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the sale, the insider directly owned 71,775 shares of the company’s stock, valued at $499,554. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 company’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 completion of the sale, the chief financial officer directly owned 25,049 shares in the company, valued at $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RXST. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in RxSight by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company’s stock worth $552,000 after purchasing an additional 1,232 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of RxSight by 57.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company’s stock valued at $7,838,000 after buying an additional 113,767 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of RxSight by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company’s stock valued at $2,358,000 after buying an additional 8,424 shares during the period. Creative Planning acquired a new position in shares of RxSight in the 2nd quarter valued at about $207,000. Finally, Legal & General Group Plc boosted its stake in shares of RxSight by 5.0% in the second quarter. Legal & General Group Plc now owns 44,574 shares of the company’s stock worth $579,000 after buying an additional 2,121 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.

RxSight Company Profile

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.