Millennium Management LLC Decreases Position in RxSight, Inc. $RXST

Key Points

• Millennium Management LLC reduced its stake in RxSight, Inc. by 7.7% in Q1, now owning approximately 2.21% of the company, valued at $22.67 million.
• Multiple analysts have downgraded RxSight's ratings, with Wall Street Zen moving it from "hold" to "sell" and several others adjusting their target prices significantly lower.
• RxSight reported a quarterly loss of ($0.08) per share, missing estimates, and its revenue decreased by 3.7% compared to the same quarter last year.

Millennium Management LLC lowered its position in RxSight, Inc. (NASDAQ:RXST - Free Report) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 897,846 shares of the company's stock after selling 74,693 shares during the period. Millennium Management LLC owned about 2.21% of RxSight worth $22,671,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RXST. State of Wyoming bought a new stake in shares of RxSight in the fourth quarter worth $37,000. Russell Investments Group Ltd. grew its holdings in RxSight by 161.2% during the first quarter. Russell Investments Group Ltd. now owns 4,091 shares of the company's stock valued at $103,000 after purchasing an additional 2,525 shares during the period. Sherbrooke Park Advisers LLC bought a new stake in RxSight during the fourth quarter valued at about $204,000. Summit Global Investments grew its holdings in RxSight by 24.7% during the first quarter. Summit Global Investments now owns 8,393 shares of the company's stock valued at $212,000 after purchasing an additional 1,664 shares during the period. Finally, AlphaQuest LLC grew its holdings in RxSight by 66.0% during the first quarter. AlphaQuest LLC now owns 8,443 shares of the company's stock valued at $213,000 after purchasing an additional 3,357 shares during the period. Institutional investors own 78.78% of the company's stock.

RxSight Trading Down 1.6%

Shares of NASDAQ:RXST traded down $0.15 during mid-day trading on Tuesday, reaching $9.08. The stock had a trading volume of 820,313 shares, compared to its average volume of 1,046,054. The company has a market cap of $371.55 million, a P/E ratio of -11.35 and a beta of 1.17. RxSight, Inc. has a 1 year low of $6.32 and a 1 year high of $57.53. The business's 50 day moving average price is $8.35 and its 200 day moving average price is $14.17.

RxSight (NASDAQ:RXST - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.04). The firm had revenue of $33.64 million during 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 quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. Analysts predict that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RXST shares. Piper Sandler cut their price target on RxSight from $18.00 to $10.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. UBS Group cut their price target on RxSight from $16.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Morgan Stanley lowered RxSight from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $20.00 to $9.00 in a report on Tuesday, July 15th. Oppenheimer lowered RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 9th. Finally, Stifel Nicolaus dropped their price objective on RxSight from $9.00 to $8.00 and set a "hold" rating for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, RxSight currently has a consensus rating of "Reduce" and an average target price of $10.00.

RxSight Profile

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.