Canada Pension Plan Investment Board Acquires Shares of 181,300 RxSight, Inc. $RXST

Key Points

• Canada Pension Plan Investment Board initiated a position of 181,300 RxSight shares worth approximately $874,000, representing about 0.44% of the company. Institutional investors collectively own 78.78% of RxSight.
• RxSight exceeded quarterly expectations, reporting a loss of $0.29 per share versus the anticipated $0.33 loss and revenue of $33.74 million versus the $32.55 million consensus estimate. The company remains unprofitable, with a negative net margin of 36.8%.
• Analyst sentiment is cautious: RxSight has a consensus rating of “Reduce”, with seven Hold, three Sell, and two Buy ratings, and an average price target of $8.37 compared with a recent share price of $7.33.

Canada Pension Plan Investment Board bought a new position in RxSight, Inc. (NASDAQ:RXST - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 181,300 shares of the company's stock, valued at approximately $874,000. Canada Pension Plan Investment Board owned about 0.44% of RxSight at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Vitruvian Partners LLP purchased a new stake in RxSight in the 2nd quarter worth about $1,344,129. Tocqueville Asset Management L.P. purchased a new stake in RxSight during the second quarter valued at about $1,277,000. Walleye Capital LLC bought a new position in RxSight during the second quarter worth about $1,726,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in RxSight by 761.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company's stock worth $6,969,000 after purchasing an additional 1,000,000 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of RxSight in the second quarter worth about $2,604,000. 78.78% of the stock is currently owned by institutional investors.

RxSight Price Performance

NASDAQ RXST opened at $7.33 on Tuesday. RxSight, Inc. has a 1 year low of $4.48 and a 1 year high of $13.22. The stock has a market capitalization of $304.85 million, a PE ratio of -6.49 and a beta of 1.13. The company's 50 day simple moving average is $5.88 and its two-hundred day simple moving average is $6.37.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly 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 firm had revenue of $33.74 million during 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%. On average, research analysts anticipate that RxSight, Inc. will post -1.01 EPS for the current year.

Analysts Set New Price Targets

RXST has been the topic of several recent research reports. UBS Group increased their target price on RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Stifel Nicolaus reduced their price target on RxSight from $8.00 to $7.00 and set a "hold" rating for the company in a research report on Monday, August 10th. Wells Fargo & Company decreased their price objective on RxSight from $11.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 7th. Bank of America dropped their price objective on RxSight from $8.00 to $6.50 and set an "underperform" rating on the stock in a report on Tuesday, July 7th. Finally, Weiss Ratings downgraded RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, RxSight has an average rating of "Reduce" and a consensus 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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