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

Key Points

• Wall Street Zen downgraded RxSight to “sell” from “hold,” while the broader analyst consensus is “Reduce” with an $8.17 target price.
• RxSight shares opened at $5.02, near their 52-week low of $4.40, and the company continues to report losses despite quarterly revenue and EPS exceeding analyst estimates.
• Insiders sold nearly 17,000 shares worth about $118,000 over the past three months, while institutional investors own approximately 78.8% of the stock.

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

A number of other research firms have also recently issued reports on RXST. Jefferies Financial Group reduced their target price on shares of RxSight from $6.50 to $5.75 and set a "hold" rating for the company in a research note on Tuesday, September 22nd. Weiss Ratings restated a "sell (e+)" rating on shares of RxSight in a research note on Tuesday, September 8th. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Stifel Nicolaus cut their price target 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. Finally, Bank of America reduced their price objective on shares of RxSight from $6.50 to $5.50 and set an "underperform" rating for the company in a research note on Tuesday, September 22nd. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $8.17.

RxSight Price Performance

RXST opened at $5.02 on Friday. RxSight has a fifty-two week low of $4.40 and a fifty-two week high of $13.22. The business has a 50-day moving average of $5.53 and a 200-day moving average of $5.77. The company has a market capitalization of $208.80 million, a PE ratio of -4.44 and a beta of 1.15.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.04. The business had revenue of $33.74 million during 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 research analysts expect that RxSight will post -1.03 earnings per share for the current fiscal year.

Insider Transactions at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the business'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 sale, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. The trade was a 23.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 stock was 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 of the company's stock, valued at $499,554. The trade was a 6.63% decrease in their position. 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. In the last three months, insiders have sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RxSight

A number of institutional investors have recently modified their holdings of the company. Walleye Capital LLC bought a new stake in RxSight during the second quarter valued at about $1,726,000. Vitruvian Partners LLP acquired a new stake in shares of RxSight in the second quarter valued at about $1,344,129. Tocqueville Asset Management L.P. acquired a new stake in shares of RxSight in the second quarter valued at about $1,277,000. Bank of America Corp DE acquired a new stake in shares of RxSight in the second quarter valued at about $2,339,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of RxSight in the second quarter worth about $874,000. 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 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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