RxSight (NASDAQ:RXST) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded RxSight from “sell” to “hold,” though the broader analyst consensus remains “Reduce” with an average price target of $8.37.
• RxSight shares opened at $5.20, well below their 52-week high of $13.22. The company reported a quarterly loss of $0.29 per share but exceeded estimates and posted revenue of $33.74 million.
• Institutional investors own approximately 78.78% of the stock, while insiders sold 16,947 shares worth about $117,951 over the past 90 days, primarily to cover tax obligations from vested equity awards.

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

RXST has been the subject of several other reports. Bank of America lowered their price target on RxSight from $8.00 to $6.50 and set an "underperform" rating for the company in a report on Tuesday, July 7th. Weiss Ratings restated a "sell (e+)" rating on shares of RxSight in a research note on Tuesday, September 8th. Jefferies Financial Group set a $6.50 target price on RxSight in a research report on Tuesday, July 7th. UBS Group increased 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. Finally, Stifel Nicolaus dropped 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. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, RxSight presently has a consensus rating of "Reduce" and a consensus price target of $8.37.

RxSight Stock Performance

NASDAQ:RXST opened at $5.20 on Friday. The stock has a fifty day moving average price of $6.12 and a two-hundred day moving average price of $6.17. The stock has a market capitalization of $216.27 million, a price-to-earnings ratio of -4.60 and a beta of 1.16. RxSight has a 1 year low of $4.48 and a 1 year high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last posted its earnings results 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 return on equity of 17.35% and a negative net margin of 36.80%.The firm had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. On average, analysts predict that RxSight will post -1.01 EPS for the current year.

Insider Buying and Selling

In other RxSight news, CFO Mark Wilterding sold 7,765 shares of the company'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 $54,044.40. Following the transaction, the chief financial officer directly owned 25,049 shares of the company's stock, valued at $174,341.04. This represents a 23.66% decrease in their position. The sale was disclosed in a document filed 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, insider M Kurtz sold 5,100 shares of the 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 $35,496.00. Following the transaction, the insider owned 71,775 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vitruvian Partners LLP acquired a new stake in RxSight during the second quarter valued at approximately $1,344,129. Tocqueville Asset Management L.P. acquired a new stake in shares of RxSight during the 2nd quarter valued at approximately $1,277,000. Walleye Capital LLC bought a new position in RxSight during the second quarter worth $1,726,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in RxSight by 761.0% in 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 purchasing an additional 1,000,000 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in RxSight during the second quarter valued at $874,000. Institutional investors own 78.78% of the company's stock.

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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