RxSight (NASDAQ:RXST) Upgraded at Zacks Research

Key Points

• RxSight's stock rating has been upgraded from a "strong sell" to a "hold" by Zacks Research.
• Institutional investors own 78.78% of RxSight's shares, with significant new positions taken recently by firms like Raymond James and Bessemer Group.
• The company's revenue decreased 3.7% year-over-year, with reported earnings missing consensus estimates.

RxSight (NASDAQ:RXST - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. BTIG Research restated a "neutral" rating on shares of RxSight in a report on Wednesday, July 9th. Stifel Nicolaus lowered their target price on shares of RxSight from $9.00 to $8.00 and set a "hold" rating for the company in a report on Friday, August 8th. Oppenheimer lowered shares of RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 9th. Needham & Company LLC lowered their target price on shares of RxSight from $22.00 to $11.00 and set a "buy" rating for the company in a report on Friday, August 8th. Finally, Bank of America lowered their target price on shares of RxSight from $18.00 to $9.00 and set an "underperform" rating for the company in a report on Wednesday, July 9th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, RxSight has a consensus rating of "Reduce" and an average target price of $10.00.

RxSight Stock Performance

Shares of NASDAQ:RXST traded down $0.11 on Monday, reaching $9.31. The company's stock had a trading volume of 733,010 shares, compared to its average volume of 1,126,035. RxSight has a 52-week low of $6.32 and a 52-week high of $57.53. The company has a market cap of $380.97 million, a P/E ratio of -11.64 and a beta of 1.18. The company has a 50-day simple moving average of $8.41 and a 200 day simple moving average of $14.50.

RxSight (NASDAQ:RXST - Get Free Report) last released its 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). The firm had revenue of $33.64 million during the quarter, compared to the consensus estimate of $39.78 million. RxSight had a negative return on equity of 11.56% and a negative net margin of 21.93%.RxSight's revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) EPS. On average, equities research analysts forecast that RxSight will post -0.7 EPS for the current fiscal year.

Institutional Investors Weigh In On RxSight

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its position in RxSight by 6.9% during the 4th quarter. Northern Trust Corp now owns 403,404 shares of the company's stock valued at $13,869,000 after purchasing an additional 26,106 shares during the period. Balyasny Asset Management L.P. purchased a new position in RxSight during the 4th quarter valued at about $824,000. Deutsche Bank AG increased its position in RxSight by 1.6% during the 4th quarter. Deutsche Bank AG now owns 657,224 shares of the company's stock valued at $22,595,000 after purchasing an additional 10,634 shares during the period. Ensign Peak Advisors Inc increased its position in RxSight by 26.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 132,884 shares of the company's stock valued at $4,569,000 after purchasing an additional 27,913 shares during the period. Finally, Lazard Asset Management LLC increased its position in RxSight by 156.2% during the 4th quarter. Lazard Asset Management LLC now owns 263,439 shares of the company's stock valued at $9,057,000 after purchasing an additional 160,598 shares during the period. Institutional investors 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.