RxSight (NASDAQ:RXST) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded RxSight from “sell” to “hold.” Across analysts, the stock has an overall “hold” rating and an average price target of $6.94.
• Several firms lowered their targets: Piper Sandler cut to $8, Wells Fargo to $6, and Bank of America to $5.50; UBS raised its target to $6.30.
• RxSight missed quarterly expectations, reporting a loss of $0.39 per share versus an estimated loss of $0.31, and revenue of $24.59 million versus estimates of $27.19 million.

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

A number of other research firms also recently weighed in on RXST. Piper Sandler reduced their target price on shares of RxSight from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their price target on RxSight from $9.00 to $6.00 and set an "equal weight" rating on the stock in a report on Wednesday. Bank of America cut their price target on RxSight from $6.50 to $5.50 and set an "underperform" rating for the company in a research note on Tuesday, September 22nd. Weiss Ratings reiterated a "sell (e+)" rating on shares of RxSight in a report on Tuesday, September 8th. Finally, UBS Group lifted their target price on shares of RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $6.94.

RxSight Stock Performance

Shares of NASDAQ RXST opened at $4.54 on Friday. RxSight has a one year low of $4.11 and a one year high of $13.22. The firm has a market capitalization of $188.82 million, a price-to-earnings ratio of -3.55 and a beta of 1.21. The business has a fifty day simple moving average of $5.22 and a 200 day simple moving average of $6.26.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.08). RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. The business had revenue of $24.59 million for the quarter, compared to analyst estimates of $27.19 million. On average, research analysts anticipate that RxSight will post -1.03 earnings per share for the current fiscal year.

Insider Activity

In other RxSight news, insider M Kurtz sold 5,100 shares of the 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. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 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 $54,044.40. Following the completion of the transaction, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 16,947 shares of company stock worth $117,951. Company insiders own 10.05% of the company's stock.

Institutional Investors Weigh In On RxSight

Hedge funds have recently made changes to their positions in the business. Vise Technologies Inc. bought a new position in RxSight in the 3rd quarter worth $66,000. Corient Private Wealth LP lifted its holdings in RxSight by 176.6% in the second quarter. Corient Private Wealth LP now owns 85,838 shares of the company's stock valued at $414,000 after acquiring an additional 54,806 shares during the period. Grandeur Peak Global Advisors LLC grew its position in 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 acquiring an additional 256,848 shares during the period. Moore Capital Management LP lifted its holdings in 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 acquiring an additional 81,438 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in RxSight by 16.6% in the 2nd quarter. Hsbc Holdings PLC now owns 92,312 shares of the company's stock worth $445,000 after purchasing an additional 13,162 shares during the period. 78.78% of the stock is currently owned by institutional investors.

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.

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