RxSight, Inc. (NASDAQ:RXST) Stock Has Consensus Target Price of $8.17 According to Analysts

Key Points

• Analysts remain cautious on RxSight: Twelve firms give the stock an average “Reduce” rating, with three sells, seven holds and two buys. The consensus 12-month price target is $8.17.
• Shares are trading near their 12-month low: RXST opened at $4.68, compared with a 12-month range of $4.48 to $13.22, and remains below its 50- and 200-day moving averages.
• Quarterly results modestly exceeded expectations, but losses continue: RxSight reported a quarterly loss of $0.29 per share versus the $0.33 expected and revenue of $33.74 million versus a $32.55 million consensus estimate. Analysts expect a full-year loss of approximately $1.03 per share.

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) have earned an average recommendation of "Reduce" from the twelve ratings firms that are covering the company, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $8.17.

Several analysts have issued reports on the company. Wall Street Zen lowered RxSight from a "hold" rating to a "sell" rating in a report on Saturday. Stifel Nicolaus lowered their price objective on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a research report on Monday, August 10th. UBS Group boosted their price objective on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of RxSight in a report on Tuesday, July 7th. Finally, Jefferies Financial Group decreased their target price on shares of RxSight from $6.50 to $5.75 and set a "hold" rating on the stock in a research note on Tuesday, September 22nd.

RxSight Trading Down 1.5%

RXST opened at $4.68 on Friday. The company's 50 day moving average is $6.02 and its 200 day moving average is $5.97. The company has a market cap of $194.64 million, a price-to-earnings ratio of -4.14 and a beta of 1.15. RxSight has a 12-month low of $4.48 and a 12-month high of $13.22.

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

Insider Activity

In other news, insider M Kurtz sold 5,100 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the transaction, the insider owned 71,775 shares of the company's stock, valued at approximately $499,554. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $54,044.40. Following the completion of the sale, the chief financial officer owned 25,049 shares in the company, valued at approximately $174,341.04. This represents a 23.66% 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 16,947 shares of company stock valued at $117,951 in the last quarter. 10.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of RxSight by 511.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company's stock valued at $44,000 after purchasing an additional 3,554 shares in the last quarter. Summit Securities Group LLC purchased a new stake in RxSight during the first quarter valued at $30,000. Rockefeller Capital Management L.P. lifted its position in RxSight by 27.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company's stock valued at $248,000 after purchasing an additional 5,203 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of RxSight by 19.7% in the 4th quarter. Corient Private Wealth LLC now owns 36,095 shares of the company's stock worth $376,000 after buying an additional 5,933 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of RxSight by 6.3% in the 1st quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company's stock worth $618,000 after buying an additional 5,978 shares in the last quarter. 78.78% of the stock is owned by institutional investors.

About RxSight

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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