RxSight (NASDAQ:RXST) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded RxSight to “sell” from “hold,” contributing to MarketBeat’s overall “Reduce” rating. Analysts’ consensus price target is $8.37, with ratings split between two Buys, six Holds, and three Sells.
• RxSight shares opened at $6.02, near their 50-day and 200-day moving averages. The company reported quarterly revenue of $33.74 million and an adjusted loss of $0.29 per share, both better than analyst expectations, but remained unprofitable.
• Insiders sold shares largely to cover tax obligations tied to equity vesting, while institutional ownership stands at 78.78%. Major investors including BlackRock and Millennium Management recently established or increased positions.

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

A number of other brokerages have also issued reports on RXST. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of RxSight in a research report on Tuesday. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of RxSight in a research report on Tuesday, July 7th. UBS Group lifted their price target on shares of RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Jefferies Financial Group set a $6.50 price target on shares of RxSight in a report on Tuesday, July 7th. Finally, Stifel Nicolaus reduced their price objective on shares of RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a research note on Monday, August 10th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $8.37.

RxSight Price Performance

Shares of RxSight stock opened at $6.02 on Friday. The business has a 50-day moving average of $6.10 and a 200-day moving average of $6.27. The company has a market capitalization of $250.37 million, a PE ratio of -5.33 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 announced its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping 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 return on equity of 17.35% and a negative net margin of 36.80%. On average, equities analysts expect that RxSight will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 transaction of $54,044.40. Following the sale, the chief financial officer directly owned 25,049 shares of the company's stock, valued at approximately $174,341.04. This represents a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ronald M. Md Kurtz sold 5,100 shares of the company'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 $35,496.00. Following the sale, the insider directly owned 71,775 shares in the company, valued at approximately $499,554. This represents a 6.63% 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 ninety days, insiders have 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 RXST. BlackRock Inc. bought a new stake in shares of RxSight during the 2nd quarter valued at about $27,910,000. Millennium Management LLC lifted its holdings in RxSight by 130.6% in the third quarter. Millennium Management LLC now owns 2,193,062 shares of the company's stock worth $19,716,000 after acquiring an additional 1,241,885 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake 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 valued at $6,969,000 after acquiring an additional 1,000,000 shares during the period. Grandeur Peak Global Advisors LLC acquired a new position in RxSight in the second quarter valued at approximately $3,482,000. Finally, Bank of America Corp DE grew its holdings in shares of RxSight by 406.0% during the third quarter. Bank of America Corp DE now owns 722,435 shares of the company's stock valued at $6,495,000 after purchasing an additional 579,653 shares during the last quarter. Institutional investors own 78.78% of the company's stock.

RxSight Company Profile

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company's flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.

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