Bank of America Corp DE Buys New Shares in RxSight, Inc. $RXST

Key Points

• Bank of America acquired a new 485,298-share stake in RxSight during the second quarter, valued at approximately $2.34 million and representing about 1.17% of the company. Institutional investors collectively own 78.78% of RXST.
• RxSight’s latest quarterly results exceeded expectations, with revenue of $33.74 million versus a $32.55 million consensus estimate and an adjusted loss of $0.29 per share versus an expected loss of $0.33. The company remains unprofitable, with analysts projecting a full-year loss of $1.03 per share.
• Analyst sentiment remains cautious: RXST has a consensus rating of “Reduce” and an average price target of $8.17, while recent targets range from $5.75 to $11.00. The stock opened at $4.90, near its 12-month low of $4.48.

Bank of America Corp DE acquired a new stake in RxSight, Inc. (NASDAQ:RXST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 485,298 shares of the company's stock, valued at approximately $2,339,000. Bank of America Corp DE owned approximately 1.17% of RxSight as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in 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 acquiring an additional 3,554 shares during the period. Summit Securities Group LLC bought a new position in shares of RxSight in the 1st quarter worth $30,000. The Manufacturers Life Insurance Company bought a new position in shares of RxSight in the 2nd quarter worth $56,000. Great Lakes Advisors LLC acquired a new stake in RxSight in the 2nd quarter valued at $61,000. Finally, Public Employees Retirement System of Ohio bought a new stake in RxSight during the 1st quarter valued at $81,000. 78.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal 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, insider M Kurtz sold 5,100 shares of RxSight stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total value of $35,496.00. Following the completion of the sale, the insider directly owned 71,775 shares of the company's stock, valued at approximately $499,554. This trade represents a 6.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 16,947 shares of company stock worth $117,951 in the last ninety days. Insiders own 10.05% of the company's stock.

RxSight Stock Up 2.7%

RxSight stock opened at $4.90 on Thursday. RxSight, Inc. has a twelve month low of $4.48 and a twelve month high of $13.22. The firm has a 50 day moving average price of $6.04 and a 200-day moving average price of $6.00. The company has a market capitalization of $203.79 million, a P/E ratio of -4.34 and a beta of 1.16.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, topping analysts' consensus estimates of ($0.33) by $0.04. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The company had revenue of $33.74 million for the quarter, compared to analysts' expectations of $32.55 million. Equities analysts expect that RxSight, Inc. will post -1.03 EPS for the current fiscal year.

Analyst Ratings Changes

RXST has been the topic of several recent research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of RxSight in a research report on Tuesday, September 8th. Wall Street Zen raised RxSight from a "sell" rating to a "hold" rating in a report on Sunday, September 20th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th. UBS Group raised their target price on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group decreased their price target on RxSight from $6.50 to $5.75 and set a "hold" rating for the company in a report on Tuesday, September 22nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $8.17.

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 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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