RxSight (NASDAQ:RXST) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded RxSight from “hold” to “sell,” while analysts overall assign the stock an average “Reduce” rating with an $8.37 price target.
• RxSight shares recently traded at $7.05, up 6.7%, but remain well below their 52-week high of $13.22; the company has a market capitalization of approximately $293 million.
• The company exceeded quarterly expectations, reporting a loss of $0.29 per share versus the expected $0.33 loss and revenue of $33.74 million, although it continues to post negative profitability metrics.

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

Several other analysts have also issued reports on RXST. 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. Wells Fargo & Company lowered their price target on RxSight from $11.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 7th. Weiss Ratings cut RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of RxSight in a report on Tuesday, July 7th. Finally, UBS Group raised their target price 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. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $8.37.

RxSight Trading Up 6.7%

RxSight stock opened at $7.05 on Friday. RxSight has a 1-year low of $4.48 and a 1-year high of $13.22. The company has a fifty day simple moving average of $5.83 and a 200 day simple moving average of $6.39. The company has a market cap of $293.21 million, a P/E ratio of -6.24 and a beta of 1.13.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.04. The firm had revenue of $33.74 million for the quarter, compared to analysts' expectations of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. On average, equities research analysts forecast that RxSight will post -1.01 EPS for the current year.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LP increased its position in RxSight by 176.6% during the second quarter. Corient Private Wealth LP now owns 85,838 shares of the company's stock worth $414,000 after buying an additional 54,806 shares during the last quarter. Grandeur Peak Global Advisors LLC lifted its position in shares of RxSight by 55.2% in the second quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company's stock valued at $3,482,000 after buying an additional 256,848 shares during the last quarter. Moore Capital Management LP lifted its position in shares of RxSight by 116.2% in the second quarter. Moore Capital Management LP now owns 151,500 shares of the company's stock valued at $730,000 after buying an additional 81,438 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of RxSight by 16.6% during the 2nd quarter. Hsbc Holdings PLC now owns 92,312 shares of the company's stock worth $445,000 after acquiring an additional 13,162 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new position in shares of RxSight during the 2nd quarter worth approximately $165,000. 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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