Grandeur Peak Global Advisors LLC Takes Position in RxSight, Inc. $RXST

Key Points

• Grandeur Peak Global Advisors acquired 722,440 RxSight shares worth approximately $3.48 million, giving it a 1.74% stake. Institutional investors collectively own 78.78% of the company.
• RxSight’s latest quarterly results exceeded expectations, with a loss of $0.29 per share versus the $0.33 consensus estimate and revenue of $33.74 million versus $32.55 million expected. However, the company remains unprofitable and analysts expect a full-year loss of $1.01 per share.
• RXST shares recently traded at $6.61, while analysts maintain a consensus “Reduce” rating and an average price target of $8.37; ratings include two Buys, seven Holds and three Sells.

Grandeur Peak Global Advisors LLC bought a new position in shares of RxSight, Inc. (NASDAQ:RXST - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 722,440 shares of the company's stock, valued at approximately $3,482,000. Grandeur Peak Global Advisors LLC owned 1.74% of RxSight as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RXST. BlackRock Inc. bought a new stake in RxSight during the 2nd quarter valued at $27,910,000. Millennium Management LLC raised its holdings in RxSight by 130.6% during the third quarter. Millennium Management LLC now owns 2,193,062 shares of the company's stock worth $19,716,000 after buying an additional 1,241,885 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of RxSight by 23.0% in 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 in the last quarter. No Street GP LP lifted its stake in shares of RxSight by 35.4% in the third quarter. No Street GP LP now owns 1,625,000 shares of the company's stock valued at $14,609,000 after buying an additional 425,000 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings 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 buying an additional 281,426 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors.

RxSight Price Performance

Shares of RxSight stock opened at $6.61 on Friday. The firm has a market cap of $274.93 million, a PE ratio of -5.85 and a beta of 1.13. RxSight, Inc. has a 1 year low of $4.48 and a 1 year high of $13.22. The stock has a fifty day moving average price of $5.79 and a 200-day moving average price of $6.38.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping analysts' consensus estimates of ($0.33) by $0.04. The company had revenue of $33.74 million for 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%. As a group, equities analysts anticipate that RxSight, Inc. will post -1.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RXST has been the topic of a number of analyst reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of RxSight in a report on Tuesday, July 7th. Stifel Nicolaus cut their price target on RxSight from $8.00 to $7.00 and set a "hold" rating for the company in a research note on Monday, August 10th. UBS Group lifted their price target on RxSight from $5.50 to $6.30 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Weiss Ratings lowered RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Finally, Bank of America lowered their price objective on RxSight from $8.00 to $6.50 and set an "underperform" rating for the company in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, RxSight currently has a consensus rating of "Reduce" and an average target price of $8.37.

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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