RxSight (NASDAQ:RXST) Stock Bumped Up to Hold by Wall Street Zen

Key Points

• Wall Street Zen upgraded RxSight from “sell” to “hold,” but the broader analyst consensus remains “Reduce,” with an average price target of $8.17.
• RxSight shares opened at $4.51, near their 52-week low of $4.40, and remain well below their 52-week high of $13.22. The company reported quarterly revenue of $33.74 million and an adjusted loss of $0.29 per share, exceeding analyst expectations.
• Institutional ownership stands at 78.78%, with BlackRock initiating a roughly $27.9 million position and other institutions increasing their stakes; insiders have sold 16,947 shares worth approximately $118,000 over the past 90 days.

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 to clients and investors on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on RXST. Weiss Ratings reiterated a "sell (e+)" rating on shares of RxSight in a research report on Tuesday, September 8th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of RxSight in a research report on Tuesday, July 7th. UBS Group boosted their price objective on shares of RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Bank of America decreased their target price on shares of RxSight from $6.50 to $5.50 and set an "underperform" rating on the stock in a report on Tuesday, September 22nd. Finally, Stifel Nicolaus lowered their target price 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, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $8.17.

RxSight Stock Down 3.4%

NASDAQ RXST opened at $4.51 on Friday. The company has a market cap of $187.57 million, a PE ratio of -3.99 and a beta of 1.15. The firm's 50-day simple moving average is $5.73 and its two-hundred day simple moving average is $5.82. RxSight has a 52 week low of $4.40 and a 52 week high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.04. The company had revenue of $33.74 million during the quarter, compared to analysts' expectations of $32.55 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. As a group, equities research analysts anticipate that RxSight will post -1.03 EPS for the current year.

Insider Activity

In other RxSight news, CFO Mark Wilterding sold 7,765 shares of the company's stock in a transaction dated 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 in the company, valued at $174,341.04. This represents a 23.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 company's stock in a transaction dated 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 transaction, the insider owned 71,775 shares in the company, valued at $499,554. This represents a 6.63% 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 90 days, insiders have sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of RxSight during the 2nd quarter valued at about $27,910,000. Bank of America Corp DE grew its holdings in shares of RxSight by 30.3% in the first quarter. Bank of America Corp DE now owns 1,210,039 shares of the company's stock worth $7,454,000 after purchasing an additional 281,426 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of 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 buying an additional 1,000,000 shares during the period. Grandeur Peak Global Advisors LLC purchased a new position in shares of RxSight in the second quarter worth $3,482,000. Finally, Deutsche Bank AG purchased a new position in shares of RxSight in the second quarter worth $2,604,000. 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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