BlackRock Inc. Purchases Shares of 5,790,408 RxSight, Inc. $RXST

Key Points

• BlackRock acquired 5.79 million RxSight shares worth approximately $27.9 million, giving it a 13.99% stake. 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, but remains unprofitable with a negative 36.8% net margin.
• Analyst sentiment is mixed to negative: the stock has an average “Reduce” rating and an $8.37 price target, while shares recently traded at $7.03 within a 52-week range of $4.48 to $13.22.

BlackRock Inc. acquired a new stake in RxSight, Inc. (NASDAQ:RXST - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,790,408 shares of the company's stock, valued at approximately $27,910,000. BlackRock Inc. owned 13.99% of RxSight at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Millennium Management LLC increased its stake in shares of RxSight by 130.6% in the 3rd quarter. Millennium Management LLC now owns 2,193,062 shares of the company's stock worth $19,716,000 after acquiring an additional 1,241,885 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted 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 during the period. Bank of America Corp DE lifted its position in RxSight by 406.0% during the third quarter. Bank of America Corp DE now owns 722,435 shares of the company's stock valued at $6,495,000 after purchasing an additional 579,653 shares during the period. Deutsche Bank AG bought a new position in shares of RxSight during the 2nd quarter valued at $2,604,000. Finally, UBS Group AG increased its position in RxSight by 183.0% during the third quarter. UBS Group AG now owns 735,170 shares of the company's stock valued at $6,609,000 after acquiring an additional 475,395 shares during the last quarter. Hedge funds and other institutional investors own 78.78% of the company's stock.

RxSight Stock Performance

RXST opened at $7.03 on Thursday. The stock has a market cap of $292.40 million, a price-to-earnings ratio of -6.22 and a beta of 1.16. The firm's fifty day moving average is $5.95 and its 200 day moving average is $6.35. RxSight, Inc. has a fifty-two week low of $4.48 and a fifty-two week high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 17.35% and a negative net margin of 36.80%. On average, equities research analysts predict that RxSight, Inc. will post -1.01 earnings per share for the current year.

Insider Transactions at RxSight

In related news, insider Ronald M. Md Kurtz sold 5,100 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $35,496.00. Following the completion of the sale, the insider owned 71,775 shares in the company, valued at approximately $499,554. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 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 sale, the chief financial officer directly owned 25,049 shares in the company, valued at $174,341.04. This trade represents a 23.66% 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. In the last ninety days, insiders sold 16,947 shares of company stock valued at $117,951. Corporate insiders own 10.05% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on RXST. Wall Street Zen cut RxSight from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of RxSight in a research report on Tuesday, July 7th. Bank of America lowered their price objective on shares of RxSight from $8.00 to $6.50 and set an "underperform" rating on the stock in a research note on Tuesday, July 7th. Jefferies Financial Group set a $6.50 price objective on shares of RxSight in a report on Tuesday, July 7th. Finally, Weiss Ratings cut shares of RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, RxSight currently has an average rating of "Reduce" and an average target price of $8.37.

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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