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

Key Points

• Analyst sentiment is cautious: Twelve analysts give RxSight a consensus “Reduce” rating, with three sells, seven holds, and two buys. The average 12-month price target is $8.37.
• Several firms recently cut their price targets, including Wells Fargo to $9 and Stifel to $7, while Needham maintained a buy rating with an $11 target.
• RxSight’s latest quarterly results exceeded expectations, reporting a loss of $0.29 per share versus a $0.33 estimate and revenue of $33.74 million versus $32.55 million expected. Institutional investors own 78.78% of the company.

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the twelve analysts that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $8.3667.

Several research analysts recently commented on the company. Wells Fargo & Company reduced their target price on RxSight from $11.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, May 7th. Weiss Ratings lowered shares of RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Stifel Nicolaus dropped their price objective on shares of RxSight from $8.00 to $7.00 and set a "hold" rating for the company in a research note on Monday. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of RxSight in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded shares of RxSight from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th.

Institutional Investors Weigh In On RxSight

A number of institutional investors have recently added to or reduced their stakes in RXST. Algert Global LLC raised its holdings in shares of RxSight by 116.4% in the 2nd quarter. Algert Global LLC now owns 413,019 shares of the company's stock worth $1,991,000 after buying an additional 222,135 shares in the last quarter. Quantbot Technologies LP acquired a new stake in RxSight in the 2nd quarter valued at $191,000. Ieq Capital LLC acquired a new stake in RxSight in the 2nd quarter valued at $702,000. Tocqueville Asset Management L.P. bought a new stake in RxSight in the second quarter valued at $1,277,000. Finally, Great Lakes Advisors LLC bought a new stake in RxSight in the second quarter valued at $61,000. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Stock Down 0.7%

RxSight stock opened at $7.01 on Friday. The business has a 50 day moving average price of $5.47 and a two-hundred day moving average price of $6.54. The stock has a market cap of $291.55 million, a price-to-earnings ratio of -6.20 and a beta of 1.13. RxSight has a 12 month low of $4.48 and a 12 month high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.04. The company had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. On average, analysts expect that RxSight will post -1.31 earnings per share for the current fiscal year.

RxSight Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source