RxSight (NASDAQ:RXST) Posts Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Key Points

• RxSight reported a quarterly loss of ($0.08) EPS, missing the expected consensus estimate by ($0.04) EPS, along with a revenue of $33.64 million which fell short of the projected $39.78 million.
• Wall Street analysts have reduced target prices for RxSight, with Bank of America lowering its target from $18.00 to $9.00 and three analysts now issuing sell ratings.
• Despite recent losses in earnings, institutional investors own nearly 79% of RxSight's stock, indicating continued confidence from larger financial entities.

RxSight (NASDAQ:RXST - Get Free Report) released its earnings results on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04), Briefing.com reports. The business had revenue of $33.64 million for the quarter, compared to analysts' expectations of $39.78 million. RxSight had a negative return on equity of 11.55% and a negative net margin of 21.93%. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) EPS.

RxSight Price Performance

RXST stock opened at $7.19 on Friday. The firm has a market capitalization of $292.20 million, a P/E ratio of -8.99 and a beta of 1.16. The business's 50-day moving average is $11.09 and its two-hundred day moving average is $18.49. RxSight has a 1 year low of $6.32 and a 1 year high of $58.23.

Wall Street Analysts Forecast Growth

RXST has been the subject of a number of recent research reports. Bank of America dropped their target price on RxSight from $18.00 to $9.00 and set an "underperform" rating for the company in a report on Wednesday, July 9th. Oppenheimer cut RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 9th. Morgan Stanley cut RxSight from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $20.00 to $9.00 in a report on Tuesday, July 15th. Stifel Nicolaus dropped their target price on RxSight from $9.00 to $8.00 and set a "hold" rating for the company in a report on Friday. Finally, Wall Street Zen lowered RxSight from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.00.

Institutional Trading of RxSight

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in RxSight by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company's stock valued at $552,000 after acquiring an additional 1,232 shares during the period. Goldman Sachs Group Inc. increased 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 acquiring an additional 113,767 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 in the last quarter. Finally, Creative Planning purchased a new stake in RxSight in the 2nd quarter valued at approximately $207,000. 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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