RxSight (NASDAQ:RXST) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded RxSight from “strong sell” to “sell”, while the broader analyst outlook remains cautious with a consensus rating of “Reduce” and an average price target of $8.89.
• RxSight shares traded at $4.95, near the lower end of their 52-week range of $4.48 to $13.22, with the stock also trading below its 50-day and 200-day moving averages.
• The company develops Light Adjustable Lens systems for cataract surgery, and institutional investors continue to hold a large stake, owning about 78.78% of the stock.

RxSight (NASDAQ:RXST - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Sunday.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group set a $6.50 target price on RxSight in a report on Tuesday. Wells Fargo & Company cut their price target on RxSight from $11.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 7th. Bank of America lowered their price objective on shares of RxSight from $8.00 to $6.50 and set an "underperform" rating for the company in a research note on Tuesday, July 7th. Weiss Ratings cut shares of RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Finally, Needham & Company LLC reissued a "buy" rating and set a $11.00 target price on shares of RxSight in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $8.89.

RxSight Price Performance

RXST stock traded down $0.13 during mid-day trading on Friday, reaching $4.95. The company had a trading volume of 690,441 shares, compared to its average volume of 1,461,624. The company has a market capitalization of $204.93 million, a PE ratio of -4.38 and a beta of 1.15. The firm has a 50 day moving average of $5.43 and a 200 day moving average of $7.30. RxSight has a 12 month low of $4.48 and a 12 month high of $13.22.

Hedge Funds Weigh In On RxSight

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of RxSight in the 2nd quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of RxSight by 440.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,758 shares of the company's stock valued at $39,000 after purchasing an additional 3,063 shares during the period. CWM LLC increased its holdings in shares of RxSight by 211.1% in the fourth quarter. CWM LLC now owns 3,826 shares of the company's stock valued at $40,000 after purchasing an additional 2,596 shares during the period. Larson Financial Group LLC raised its stake in shares of RxSight by 110.5% in the third quarter. Larson Financial Group LLC now owns 3,979 shares of the company's stock worth $36,000 after purchasing an additional 2,089 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of RxSight during the first quarter worth about $30,000. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

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.

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