RxSight (NASDAQ:RXST) Stock Gets Price Target Cut from Needham & Company LLC

Key Points

• Needham cut its RxSight price target from $11 to $7 but maintained a Buy rating, implying 52.5% potential upside from the stock’s current price.
• Analyst sentiment is mixed but leans negative: MarketBeat reports a consensus “Reduce” rating and an average price target of $7.73, with seven Hold and three Sell ratings among 12 analysts.
• RxSight missed quarterly expectations, reporting a loss of $0.39 per share versus the $0.31 loss analysts anticipated, and revenue of $24.59 million versus estimates of $27.19 million.

RxSight (NASDAQ:RXST - Get Free Report) had its price objective lowered by equities researchers at Needham & Company LLC from $11.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 52.51% from the company's current price.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of RxSight in a research note on Tuesday, September 8th. Jefferies Financial Group dropped their price objective on shares of RxSight from $6.50 to $5.75 and set a "hold" rating on the stock in a research report on Tuesday, September 22nd. 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 report on Monday, August 10th. Wall Street Zen cut shares of RxSight from a "hold" rating to a "sell" rating in a research report on Sunday, October 25th. Finally, UBS Group boosted their target price 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. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $7.73.

RxSight Stock Performance

Shares of RXST opened at $4.59 on Wednesday. The stock has a 50-day simple moving average of $5.33 and a 200-day simple moving average of $6.34. The stock has a market capitalization of $190.90 million, a PE ratio of -4.06 and a beta of 1.21. RxSight has a 1 year low of $4.40 and a 1 year high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last announced 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 company had revenue of $24.59 million for the quarter, compared to analyst estimates of $27.19 million. Analysts predict that RxSight will post -1.03 EPS for the current year.

Insider Activity

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 value of $54,044.40. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction 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. 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. Insiders have sold a total of 16,947 shares of company stock worth $117,951 in the last three months. Corporate insiders own 10.05% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of RxSight in the 2nd quarter valued at about $27,910,000. Bank of America Corp DE grew its stake in RxSight by 30.3% during the 1st quarter. Bank of America Corp DE now owns 1,210,039 shares of the company's stock worth $7,454,000 after buying an additional 281,426 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in RxSight by 761.0% during the 1st 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 last quarter. Grandeur Peak Global Advisors LLC acquired a new position in RxSight during the second quarter worth approximately $3,482,000. Finally, Deutsche Bank AG acquired a new position in RxSight during the second quarter worth approximately $2,604,000. Institutional investors and hedge funds 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 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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