RxSight (NASDAQ:RXST) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded RxSight to “sell” from “hold,” contributing to an overall “Reduce” consensus rating. Analysts’ average price target is $8.17, though ratings remain mixed, ranging from “buy” to “sell.”
• RxSight shares opened at $4.68, near their 12-month low of $4.48 and well below the 12-month high of $13.22. The company reported a quarterly loss of $0.29 per share, but exceeded earnings and revenue expectations.
• Insiders sold 16,947 shares worth about $117,951 over the past 90 days, while institutional investors own 78.78% of the stock. The sales were reported as transactions to cover tax-withholding obligations tied to equity awards.

RxSight (NASDAQ:RXST - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on RXST. Jefferies Financial Group decreased their target price on RxSight from $6.50 to $5.75 and set a "hold" rating on the stock in a report on Tuesday, September 22nd. Weiss Ratings reissued a "sell (e+)" rating on shares of RxSight in a report on Tuesday, September 8th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price target on shares of RxSight in a research report on Tuesday, July 7th. UBS Group upped their price target on RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Finally, Stifel Nicolaus decreased their price objective on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $8.17.

RxSight Trading Down 1.5%

Shares of NASDAQ RXST opened at $4.68 on Friday. RxSight has a 12-month low of $4.48 and a 12-month high of $13.22. The firm has a market capitalization of $194.64 million, a price-to-earnings ratio of -4.14 and a beta of 1.15. The firm has a 50 day moving average of $6.02 and a 200 day moving average of $5.97.

RxSight (NASDAQ:RXST - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.04. The business had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. Sell-side analysts predict that RxSight will post -1.03 EPS for the current year.

Insider Buying and Selling at RxSight

In other RxSight news, insider M Kurtz sold 5,100 shares of the stock in a transaction 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 owned 71,775 shares in the company, valued at approximately $499,554. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, 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 firm'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 sale, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. This 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. Insiders sold a total of 16,947 shares of company stock valued at $117,951 in the last ninety days. 10.05% of the stock is currently owned by insiders.

Institutional Trading of RxSight

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LP boosted its stake in RxSight by 176.6% in 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 period. Grandeur Peak Global Advisors LLC raised its position in shares of RxSight by 55.2% during the second quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company's stock valued at $3,482,000 after buying an additional 256,848 shares during the last quarter. Moore Capital Management LP lifted its holdings in shares of RxSight by 116.2% in the second quarter. Moore Capital Management LP now owns 151,500 shares of the company's stock worth $730,000 after buying an additional 81,438 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of RxSight by 16.6% in the second quarter. Hsbc Holdings PLC now owns 92,312 shares of the company's stock worth $445,000 after buying an additional 13,162 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of RxSight during the second quarter worth $165,000. Institutional investors own 78.78% of the company's stock.

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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