Needham & Company LLC Lowers RxSight (NASDAQ:RXST) Price Target to $11.00

Key Points

• Needham & Company LLC has reduced its price target for RxSight (NASDAQ:RXST) from $22.00 to $11.00, maintaining a "buy" rating for the stock, which suggests a potential upside of 41.21% from its prior close.
• Other firms such as Bank of America and Piper Sandler have also lowered their price targets considerably, indicating a bearish outlook with multiple sell ratings now assigned to the stock.
• RxSight reported a significant earnings miss, posting a loss of ($0.29) per share compared to estimates of ($0.04), while revenue declined by 3.7% year-over-year.

RxSight (NASDAQ:RXST - Get Free Report) had its price objective cut by investment analysts at Needham & Company LLC from $22.00 to $11.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 41.21% from the company's previous close.

A number of other research analysts also recently issued reports on the company. Bank of America decreased their price target on RxSight from $18.00 to $9.00 and set an "underperform" rating for the company in a report on Wednesday, July 9th. Piper Sandler reduced 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. Wells Fargo & Company lowered shares of RxSight from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $25.00 to $9.00 in a report on Wednesday, July 9th. Stifel Nicolaus cut their target price on shares of RxSight from $17.00 to $9.00 and set a "hold" rating for the company in a research note on Wednesday, July 9th. Finally, Oppenheimer lowered RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $11.00.

RxSight Price Performance

RXST stock opened at $7.79 on Friday. RxSight has a 1-year low of $6.32 and a 1-year high of $58.23. The business has a 50-day moving average price of $11.25 and a 200 day moving average price of $18.65. The company has a market capitalization of $316.56 million, a P/E ratio of -11.63 and a beta of 1.16.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.25). RxSight had a negative return on equity of 9.54% and a negative net margin of 17.90%. The firm had revenue of $33.64 million during the quarter, compared to analysts' expectations of $39.78 million. During the same period in the previous year, the firm earned ($0.16) EPS. The firm's quarterly revenue was down 3.7% on a year-over-year basis. On average, analysts anticipate that RxSight will post -0.7 earnings per share for the current fiscal year.

Institutional Trading of RxSight

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its holdings in RxSight by 1.7% in the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company's stock valued at $914,000 after buying an additional 445 shares during the period. Legal & General Group Plc raised its stake in shares of RxSight by 1.2% during the fourth quarter. Legal & General Group Plc now owns 42,445 shares of the company's stock valued at $1,459,000 after purchasing an additional 512 shares during the period. F M Investments LLC boosted its position in RxSight by 12.6% in the 4th quarter. F M Investments LLC now owns 5,901 shares of the company's stock valued at $203,000 after buying an additional 659 shares during the last quarter. Coppell Advisory Solutions LLC grew its stake in RxSight by 108.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after purchasing an additional 672 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in RxSight by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 103,659 shares of the company's stock valued at $2,617,000 after acquiring an additional 777 shares in the last quarter. Hedge funds and other institutional investors own 78.78% of the company's stock.

RxSight Company 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.

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