RxSight, Inc. (NASDAQ:RXST) Given Average Recommendation of "Reduce" by Brokerages

Key Points

• Analyst sentiment is bearish: Eleven brokerages give RxSight an average “Reduce” rating, with three sells, six holds and two buys. The average 12-month price target is $8.37, compared with the stock’s $6.38 opening price.
• Recent results modestly beat expectations: RxSight reported a quarterly loss of $0.29 per share versus the $0.33 consensus loss estimate, while revenue of $33.74 million exceeded forecasts of $32.55 million. Analysts still expect a full-year loss of approximately $1.01 per share.
• Ownership and insider activity remain notable: Institutional investors and hedge funds own 78.78% of the company, while insiders sold 16,947 shares worth about $117,951 during the past quarter, primarily to cover tax obligations tied to vested equity awards.

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the eleven ratings firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $8.3667.

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group set a $6.50 price objective on RxSight in a research note on Tuesday, July 7th. Weiss Ratings downgraded RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. UBS Group increased their price target on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Finally, Stifel Nicolaus dropped their price target on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a research note on Monday, August 10th.

RxSight Price Performance

Shares of RXST opened at $6.38 on Tuesday. The firm's 50 day moving average is $6.03 and its 200-day moving average is $6.32. RxSight has a 12-month low of $4.48 and a 12-month high of $13.22. The stock has a market capitalization of $265.34 million, a P/E ratio of -5.65 and a beta of 1.16.

RxSight (NASDAQ:RXST - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.29) 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 net margin of 36.80% and a negative return on equity of 17.35%. As a group, equities research analysts forecast that RxSight will post -1.01 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark Wilterding sold 7,765 shares of RxSight 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 $54,044.40. Following the transaction, the chief financial officer directly owned 25,049 shares of the company's stock, valued at $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 business'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 transaction of $35,496.00. Following the sale, the insider owned 71,775 shares in the company, valued at $499,554. This represents a 6.63% decrease in their position. 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. Over the last quarter, insiders sold 16,947 shares of company stock valued at $117,951. Corporate insiders own 10.05% of the company's stock.

Institutional Trading of RxSight

Large investors have recently added to or reduced their stakes in the company. Vitruvian Partners LLP acquired a new position in RxSight during the second quarter valued at $1,344,129. Tocqueville Asset Management L.P. purchased a new stake in RxSight in the 2nd quarter worth about $1,277,000. Walleye Capital LLC acquired a new stake in RxSight during the 2nd quarter worth about $1,726,000. 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 valued at $6,969,000 after acquiring an additional 1,000,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in RxSight during the 2nd quarter valued at about $874,000. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

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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