Goldman Sachs Group Inc. Boosts Stock Holdings in RxSight, Inc. $RXST

Key Points

• Goldman Sachs Group Inc. increased its stake in RxSight, Inc. by 57.9% in Q1, acquiring an additional 113,767 shares to hold a total of 310,411 shares valued at approximately $7.84 million.
• Analysts have issued drastically lowered price targets for RxSight, with companies like Jefferies and Morgan Stanley assigning a new price objective of $9.00, down from previous estimates of $24.00 and $20.00, respectively.
• RxSight reported a revenue decline of 3.7% year-over-year, with quarterly revenue of $33.64 million, missing consensus estimates by nearly $6 million.

Goldman Sachs Group Inc. boosted its holdings in RxSight, Inc. (NASDAQ:RXST - Free Report) by 57.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 310,411 shares of the company's stock after buying an additional 113,767 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.76% of RxSight worth $7,838,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Voya Investment Management LLC raised its holdings in RxSight by 73.9% in the 1st quarter. Voya Investment Management LLC now owns 26,969 shares of the company's stock valued at $681,000 after buying an additional 11,464 shares during the last quarter. Militia Capital Partners LP bought a new position in RxSight during the 1st quarter worth approximately $758,000. Rhumbline Advisers raised its holdings in RxSight by 6.4% during the 1st quarter. Rhumbline Advisers now owns 51,576 shares of the company's stock worth $1,302,000 after purchasing an additional 3,103 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in RxSight by 9.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company's stock worth $2,358,000 after purchasing an additional 8,424 shares during the last quarter. Finally, Parkman Healthcare Partners LLC raised its holdings in RxSight by 109.9% during the 1st quarter. Parkman Healthcare Partners LLC now owns 631,238 shares of the company's stock worth $15,939,000 after purchasing an additional 330,540 shares during the last quarter. Institutional investors own 78.78% of the company's stock.

RxSight Trading Down 1.6%

NASDAQ RXST traded down $0.15 during mid-day trading on Tuesday, hitting $9.08. The company's stock had a trading volume of 820,313 shares, compared to its average volume of 1,068,392. The company's 50 day simple moving average is $8.27 and its 200 day simple moving average is $14.14. RxSight, Inc. has a twelve month low of $6.32 and a twelve month high of $57.53. The firm has a market capitalization of $371.55 million, a price-to-earnings ratio of -11.35 and a beta of 1.18.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.04). The firm had revenue of $33.64 million for the quarter, compared to analysts' expectations of $39.78 million. RxSight had a negative return on equity of 11.56% and a negative net margin of 21.93%.RxSight's revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) earnings per share. As a group, research analysts forecast that RxSight, Inc. will post -0.7 EPS for the current year.

Wall Street Analysts Forecast Growth

RXST has been the subject of several analyst reports. Wells Fargo & Company lowered shares of RxSight from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $25.00 to $9.00 in a report on Wednesday, July 9th. UBS Group lowered their price target on shares of RxSight from $16.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Jefferies Financial Group reaffirmed a "hold" rating and set a $9.00 price objective (down previously from $24.00) on shares of RxSight in a research report on Thursday, July 10th. Oppenheimer downgraded shares of RxSight from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 9th. Finally, Bank of America reduced their price objective on shares of RxSight from $18.00 to $9.00 and set an "underperform" rating for the company in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $10.00.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.