RxSight, Inc. (NASDAQ:RXST) Given Average Rating of "Reduce" by Brokerages

Key Points

• RxSight, Inc. (NASDAQ:RXST) has received a consensus rating of "Reduce" from thirteen research firms, with three firms recommending a sell and one a buy.
• The average 12-month price target for the stock has been set at $10.00, with significant reductions from prior estimates by various analysts.
• Institutional investors now hold 78.78% of the company's stock, with notable increases in positions from firms like Voya Investment Management and Osaic Holdings.

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) have earned a consensus rating of "Reduce" from the thirteen research firms that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $10.00.

A number of research firms have issued reports on RXST. Wells Fargo & Company lowered RxSight from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $25.00 to $9.00 in a research report on Wednesday, July 9th. Stifel Nicolaus reduced their price target on RxSight from $9.00 to $8.00 and set a "hold" rating on the stock in a research report on Friday, August 8th. Morgan Stanley lowered RxSight from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $20.00 to $9.00 in a research report on Tuesday, July 15th. BTIG Research reaffirmed a "neutral" rating on shares of RxSight in a research report on Wednesday, July 9th. Finally, UBS Group reduced their price target on RxSight from $16.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC raised its position in shares of RxSight by 247.6% during the 3rd quarter. Voya Investment Management LLC now owns 94,063 shares of the company's stock worth $846,000 after acquiring an additional 66,999 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of RxSight by 1,417.0% during the 2nd quarter. Osaic Holdings Inc. now owns 9,572 shares of the company's stock worth $124,000 after acquiring an additional 8,941 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of RxSight by 138.6% during the 2nd quarter. Squarepoint Ops LLC now owns 374,663 shares of the company's stock worth $4,871,000 after acquiring an additional 217,608 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of RxSight during the 2nd quarter worth about $285,000. Finally, Caxton Associates LLP acquired a new stake in shares of RxSight during the 2nd quarter worth about $914,000. Institutional investors and hedge funds own 78.78% of the company's stock.

RxSight Price Performance

Shares of RxSight stock opened at $8.24 on Friday. The business has a 50-day moving average of $8.71 and a 200 day moving average of $11.53. RxSight has a 12 month low of $6.32 and a 12 month high of $55.57. The stock has a market capitalization of $337.15 million, a price-to-earnings ratio of -10.30 and a beta of 1.17.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.04). The company had revenue of $33.64 million during the quarter, compared to analyst estimates of $39.78 million. RxSight had a negative net margin of 21.93% and a negative return on equity of 11.56%. RxSight's revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) EPS. Equities research analysts anticipate that RxSight will post -0.7 earnings per share for the current year.

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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