Bank of America Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

Key Points

• Bank of America cut RxSight’s price target from $6.50 to $5.50 and maintained an “underperform” rating, implying roughly 7% upside from the prior close.
• Analyst sentiment remains cautious: RxSight has an average “Reduce” rating and a consensus price target of $8.26, based on two Buy, six Hold, and three Sell ratings.
• RxSight reported quarterly revenue of $33.74 million and an adjusted loss of $0.29 per share, beating estimates, but the stock remains well below its 52-week high and analysts expect a full-year loss.

RxSight (NASDAQ:RXST - Get Free Report) had its target price cut by Bank of America from $6.50 to $5.50 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Bank of America's price target suggests a potential upside of 7.00% from the company's previous close.

RXST has been the topic of several other research reports. UBS Group upped their target price on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Weiss Ratings reissued a "sell (e+)" rating on shares of RxSight in a report on Tuesday, September 8th. Stifel Nicolaus reduced their price target on RxSight from $8.00 to $7.00 and set a "hold" rating for the company in a research note on Monday, August 10th. Jefferies Financial Group set a $6.50 price objective on RxSight in a report on Tuesday, July 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of RxSight in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $8.26.

RxSight Stock Performance

NASDAQ RXST opened at $5.14 on Tuesday. The firm has a 50-day moving average of $6.12 and a 200-day moving average of $6.14. The stock has a market cap of $213.77 million, a PE ratio of -4.55 and a beta of 1.16. RxSight has a 52-week low of $4.48 and a 52-week high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, beating analysts' consensus estimates of ($0.33) by $0.04. The business had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. As a group, analysts predict that RxSight will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ronald M. Md Kurtz sold 5,100 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 $35,496.00. Following the completion of the sale, the insider directly owned 71,775 shares in the company, valued at approximately $499,554. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a 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 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 trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 worth $117,951. Company insiders own 10.05% of the company's stock.

Hedge Funds Weigh In On RxSight

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vitruvian Partners LLP acquired a new position in RxSight in the second quarter valued at about $1,344,129. Tocqueville Asset Management L.P. acquired a new stake in RxSight during the second quarter worth about $1,277,000. Walleye Capital LLC acquired a new stake in RxSight during the second quarter worth about $1,726,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in RxSight by 761.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company's stock worth $6,969,000 after buying an additional 1,000,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in RxSight in the 2nd quarter valued at about $874,000. 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 adjust a patient's vision after surgery rather than relying solely on preoperative measurements and the initial implanted lens.

Its primary products include the RxSight Light Adjustable Lens and the RxSight Light Delivery Device. The lens is implanted during cataract surgery and can be adjusted after surgery through controlled ultraviolet-light treatments delivered by the company's device.

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