RxSight, Inc. $RXST Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its RxSight stake by 30.3% in the first quarter, adding 281,426 shares to own 1.21 million shares valued at $7.45 million, or about 2.92% of the company. Institutional investors and hedge funds collectively own 78.78% of RXST.
• RxSight reported quarterly revenue of $33.74 million and an adjusted EPS loss of $0.29, beating analyst estimates of $32.55 million in revenue and a $0.33 loss. The company remains unprofitable, with a negative net margin of 36.80%.
• Analyst sentiment remains cautious: MarketBeat reports an average rating of “Reduce” and an average price target of $8.37, while RXST recently traded at $6.40. Ratings include two Buys, seven Holds, and three Sells.

Bank of America Corp DE lifted its stake in shares of RxSight, Inc. (NASDAQ:RXST - Free Report) by 30.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,210,039 shares of the company's stock after purchasing an additional 281,426 shares during the quarter. Bank of America Corp DE owned about 2.92% of RxSight worth $7,454,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RXST. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in RxSight by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company's stock valued at $552,000 after purchasing an additional 1,232 shares during the period. Invesco Ltd. lifted its holdings in shares of RxSight by 6.6% in the 4th quarter. Invesco Ltd. now owns 20,114 shares of the company's stock valued at $210,000 after buying an additional 1,249 shares during the period. Verition Fund Management LLC lifted its holdings in shares of RxSight by 4.4% in the 4th quarter. Verition Fund Management LLC now owns 40,613 shares of the company's stock valued at $423,000 after buying an additional 1,701 shares during the period. Larson Financial Group LLC boosted its stake in shares of RxSight by 110.5% in the third quarter. Larson Financial Group LLC now owns 3,979 shares of the company's stock valued at $36,000 after buying an additional 2,089 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of RxSight by 5.0% in the second quarter. Legal & General Group Plc now owns 44,574 shares of the company's stock valued at $579,000 after buying an additional 2,121 shares in the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Price Performance

Shares of NASDAQ RXST opened at $6.40 on Wednesday. The firm's 50-day moving average is $5.72 and its two-hundred day moving average is $6.40. The company has a market capitalization of $266.18 million, a PE ratio of -5.66 and a beta of 1.13. RxSight, Inc. has a 12-month low of $4.48 and a 12-month high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, beating analysts' consensus estimates of ($0.33) by $0.04. The business had revenue of $33.74 million for 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, analysts forecast that RxSight, Inc. will post -1.01 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of RxSight from $11.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 7th. Stifel Nicolaus reduced their price objective on shares of 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 boosted their price objective on shares of RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of RxSight in a report on Tuesday, July 7th. Finally, Bank of America reduced their price target on shares of RxSight from $8.00 to $6.50 and set an "underperform" rating for the company in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Reduce" and an average price target of $8.37.

RxSight 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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