RxSight (NASDAQ:RXST) Stock Gets Price Target Cut from Needham & Company LLC

RxSight (NASDAQ:RXST) had its target price cut by Needham & Company LLC from $11.00 to $7.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Bank of America cut their price objective 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. UBS Group boosted their price objective on shares of RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Stifel Nicolaus lowered their target price on shares of RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a report on Monday, August 10th. Finally, Jefferies Financial Group lowered their target price on shares of RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.94.

RxSight Price Performance

NASDAQ:RXST remained flat at $4.54 during trading hours on Wednesday. The company had a trading volume of 948,255 shares, compared to its average volume of 666,219. RxSight has a 52-week low of $4.11 and a 52-week high of $13.22. The company has a market capitalization of $188.82 million, a PE ratio of -3.55 and a beta of 1.21. The company has a 50-day simple moving average of $5.22 and a two-hundred day simple moving average of $6.26.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.08). The business had revenue of $24.59 million for the quarter, compared to analysts’ expectations of $27.19 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. As a group, analysts predict that RxSight will post -1.03 earnings per share for the current year.

Insider Buying and Selling

In other RxSight news, 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 transaction, the insider owned 71,775 shares of the company’s stock, valued at $499,554. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of the sale, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. This represents a 23.66% decrease in their position. 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. Insiders have sold a total of 16,947 shares of company stock worth $117,951 in the last 90 days. 10.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Institutional investors have recently modified their holdings of the business. Vise Technologies Inc. purchased a new stake in RxSight in the 3rd quarter valued at $66,000. Corient Private Wealth LP grew its position in RxSight by 176.6% during the 2nd 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 last quarter. Grandeur Peak Global Advisors LLC grew its position in RxSight by 55.2% during the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock worth $3,482,000 after purchasing an additional 256,848 shares during the last quarter. Moore Capital Management LP grew its position in RxSight by 116.2% during the 2nd quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock worth $730,000 after purchasing an additional 81,438 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in RxSight by 16.6% in the second quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock valued at $445,000 after purchasing an additional 13,162 shares during the period. 78.78% of the stock is owned by institutional investors and hedge funds.

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.