Jefferies Financial Group Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

Key Points

• Jefferies cut its RxSight price target from $6.50 to $5.75 and maintained a “hold” rating, reflecting a cautious outlook. MarketBeat reports a consensus “Reduce” rating and average price target of $8.17.
• RxSight shares recently traded at $5.06, near the lower end of their 12-month range, while the company remains unprofitable. Its latest quarterly results nevertheless beat estimates, with adjusted earnings of negative $0.29 per share versus expectations of negative $0.33 and revenue of $33.74 million.
• Company insiders sold shares worth approximately $118,000 during the last quarter, though the transactions were disclosed as being intended to cover tax withholding on vested equity awards. Institutional investors own 78.78% of the stock.

RxSight (NASDAQ:RXST - Get Free Report) had its price objective reduced by Jefferies Financial Group from $6.50 to $5.75 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a "hold" rating on the stock. Jefferies Financial Group's target price suggests a potential upside of 13.73% from the stock's previous close.

A number of other research firms also recently issued reports on RXST. Wall Street Zen raised shares of RxSight from a "sell" rating to a "hold" rating in a research note on Sunday. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of RxSight in a research report on Tuesday, July 7th. Stifel Nicolaus reduced their target price on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a report on Monday, August 10th. Bank of America decreased their target price on RxSight from $6.50 to $5.50 and set an "underperform" rating for the company in a research report on Tuesday. Finally, UBS Group raised their target price on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $8.17.

RxSight Stock Performance

RXST stock traded down $0.08 on Tuesday, reaching $5.06. The company's stock had a trading volume of 81,635 shares, compared to its average volume of 948,525. The business has a fifty day simple moving average of $6.12 and a two-hundred day simple moving average of $6.14. RxSight has a 12-month low of $4.48 and a 12-month high of $13.22. The firm has a market cap of $210.28 million, a PE ratio of -4.46 and a beta of 1.16.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $32.55 million. As a group, research analysts anticipate that RxSight will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the transaction, the chief financial officer owned 25,049 shares in the company, valued at $174,341.04. The trade was a 23.66% decrease in their position. The sale was disclosed in a document filed 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, insider M Kurtz sold 5,100 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $35,496.00. Following the sale, the insider directly owned 71,775 shares in the company, valued at $499,554. This trade represents a 6.63% 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 currently owned by company insiders.

Institutional Trading of RxSight

Several institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of RxSight by 511.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company's stock valued at $44,000 after purchasing an additional 3,554 shares in the last quarter. Summit Securities Group LLC purchased a new position in RxSight in the 1st quarter worth about $30,000. Pure Financial Advisors LLC bought a new position in RxSight during the 2nd quarter valued at about $53,000. The Manufacturers Life Insurance Company bought a new position in RxSight during the 2nd quarter valued at about $56,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of RxSight during the 2nd quarter valued at about $61,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

About RxSight

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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