Tocqueville Asset Management L.P. Makes New Investment in RxSight, Inc. $RXST

Key Points

• Tocqueville Asset Management acquired 265,000 RxSight shares worth approximately $1.28 million, representing about 0.64% of the company. Institutional investors collectively own 78.78% of RXST.
• RxSight reported a quarterly loss of $0.29 per share, beating estimates by $0.04, while revenue of $33.74 million exceeded expectations. The company remains unprofitable, with a negative net margin of 36.80%.
• RXST shares opened at $6.09, well below their 52-week high of $13.22. Analysts hold a consensus “Reduce” rating, with an average price target of $8.37.

Tocqueville Asset Management L.P. bought a new stake in shares of RxSight, Inc. (NASDAQ:RXST - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 265,000 shares of the company's stock, valued at approximately $1,277,000. Tocqueville Asset Management L.P. owned about 0.64% of RxSight at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of RxSight by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company's stock worth $552,000 after acquiring an additional 1,232 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in RxSight by 57.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company's stock valued at $7,838,000 after purchasing an additional 113,767 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in RxSight by 9.9% in 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 valued at $2,358,000 after purchasing an additional 8,424 shares during the last quarter. Creative Planning acquired a new position in RxSight during the 2nd quarter valued at about $207,000. Finally, Legal & General Group Plc boosted its stake in RxSight by 5.0% during the 2nd quarter. Legal & General Group Plc now owns 44,574 shares of the company's stock valued at $579,000 after purchasing an additional 2,121 shares during the period. Institutional investors and hedge funds own 78.78% of the company's stock.

RxSight Trading Down 1.1%

RXST stock opened at $6.09 on Friday. The firm's 50-day moving average is $5.62 and its two-hundred day moving average is $6.45. The company has a market capitalization of $253.28 million, a price-to-earnings ratio of -5.39 and a beta of 1.13. RxSight, Inc. has a 52 week low of $4.48 and a 52 week 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.04. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The business had revenue of $33.74 million during the quarter, compared to analysts' expectations of $32.55 million. On average, equities research analysts predict that RxSight, Inc. will post -1.01 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on RXST shares. Jefferies Financial Group set a $6.50 price target on shares of RxSight in a research note on Tuesday, July 7th. Weiss Ratings downgraded RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 11th. Wells Fargo & Company decreased their price objective on RxSight from $11.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, May 7th. Stifel Nicolaus lowered their target price on RxSight from $8.00 to $7.00 and set a "hold" rating on the stock in a research report on Monday, August 10th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 target price on shares of RxSight in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, RxSight currently has a consensus rating of "Reduce" and a consensus price target 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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