Algert Global LLC Grows Stake in RxSight, Inc. $RXST

Key Points

• Algert Global more than doubled its RxSight stake in the second quarter, increasing holdings by 116.4% to 413,019 shares valued at approximately $1.99 million. Institutional investors collectively own 78.78% of the company.
• RxSight reported quarterly revenue of $33.74 million and an adjusted loss of $0.29 per share, beating analyst estimates of $32.55 million in revenue and a $0.33-per-share loss.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $8.37; the stock opened at $7.05 and has traded between $4.48 and $13.22 over the past year.

Algert Global LLC grew its stake in shares of RxSight, Inc. (NASDAQ:RXST - Free Report) by 116.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 413,019 shares of the company's stock after acquiring an additional 222,135 shares during the quarter. Algert Global LLC owned about 0.99% of RxSight worth $1,991,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of RXST. BlackRock Inc. purchased a new stake in RxSight during the 2nd quarter valued at about $27,910,000. Millennium Management LLC grew its holdings in shares of RxSight by 130.6% during the third quarter. Millennium Management LLC now owns 2,193,062 shares of the company's stock valued at $19,716,000 after buying an additional 1,241,885 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of RxSight by 23.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,157,264 shares of the company's stock valued at $22,479,000 after buying an additional 403,581 shares during the last quarter. No Street GP LP increased its position in shares of RxSight by 35.4% during the third quarter. No Street GP LP now owns 1,625,000 shares of the company's stock valued at $14,609,000 after acquiring an additional 425,000 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of RxSight by 30.3% during the first quarter. Bank of America Corp DE now owns 1,210,039 shares of the company's stock valued at $7,454,000 after acquiring an additional 281,426 shares in the last quarter. Hedge funds and other institutional investors own 78.78% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wells Fargo & Company lowered their price objective 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. UBS Group lifted their target price on RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Bank of America decreased their price target on RxSight from $8.00 to $6.50 and set an "underperform" rating for the company in a research note on Tuesday, July 7th. Stifel Nicolaus lowered their price target on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a report on Monday, August 10th. Finally, Jefferies Financial Group set a $6.50 price objective on RxSight in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, RxSight presently has a consensus rating of "Reduce" and an average price target of $8.37.

RxSight Price Performance

Shares of RXST opened at $7.05 on Friday. The firm has a market capitalization of $293.21 million, a P/E ratio of -6.24 and a beta of 1.13. RxSight, Inc. has a one year low of $4.48 and a one year high of $13.22. The business has a fifty day moving average of $5.83 and a 200 day moving average of $6.39.

RxSight (NASDAQ:RXST - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.04. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.The business had revenue of $33.74 million for the quarter, compared to analysts' expectations of $32.55 million. Analysts expect that RxSight, Inc. will post -1.01 EPS for the current fiscal year.

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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