RxSight, Inc. (NASDAQ:RXST) Receives Average Recommendation of "Reduce" from Brokerages

Key Points

• RxSight, Inc. has received a consensus rating of "Reduce" from twelve analysts, with two sell ratings, nine holds, and one buy recommendation.
• The average 1-year price target for the stock is $10.00, with recent target revisions indicating a downward trend.
• For the latest quarter, RxSight reported earnings of ($0.08) EPS, missing estimates and showing a 3.7% year-over-year revenue decline.

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) have received a consensus rating of "Reduce" from the twelve analysts that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $10.00.

RXST has been the topic of several recent analyst reports. Wall Street Zen cut RxSight from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Bank of America dropped their target price on RxSight from $18.00 to $9.00 and set an "underperform" rating on the stock in a research report on Wednesday, July 9th. UBS Group dropped their target price on RxSight from $16.00 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. BTIG Research reiterated a "neutral" rating on shares of RxSight in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $9.00 target price (down previously from $24.00) on shares of RxSight in a research report on Thursday, July 10th.

RxSight Stock Up 1.2%

Shares of RXST stock opened at $9.52 on Tuesday. The stock has a market capitalization of $389.56 million, a PE ratio of -11.90 and a beta of 1.17. RxSight has a 52-week low of $6.32 and a 52-week high of $55.57. The stock's 50-day moving average price is $8.38 and its 200 day moving average price is $13.58.

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

Hedge Funds Weigh In On RxSight

Several institutional investors and hedge funds have recently added to or reduced their stakes in RXST. Raymond James Financial Inc. acquired a new stake in shares of RxSight in the 2nd quarter worth approximately $28,000. Bessemer Group Inc. acquired a new stake in shares of RxSight in the 2nd quarter worth approximately $33,000. State of Wyoming acquired a new stake in shares of RxSight in the 4th quarter worth approximately $37,000. CWM LLC grew its holdings in shares of RxSight by 614.1% in the 2nd quarter. CWM LLC now owns 4,520 shares of the company's stock worth $59,000 after acquiring an additional 3,887 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of RxSight by 156.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,574 shares of the company's stock worth $72,000 after acquiring an additional 3,398 shares during the period. Institutional investors and hedge funds 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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