RxSight's (RXST) Sell (E+) Rating Reaffirmed at Weiss Ratings

Key Points

• RxSight's stock received a "sell (e+)" rating from Weiss Ratings, indicating a negative outlook from analysts.
• Analysts have cut their price targets for RxSight significantly, with Needham reducing theirs from $22.00 to $11.00, reflecting a declining consensus on the stock's value.
• In the latest earnings report, RxSight reported a quarterly revenue of $33.64 million, missing estimates, and experienced a 3.7% decline year-over-year, contributing to its negative financial outlook.

RxSight (NASDAQ:RXST - Get Free Report)'s stock had its "sell (e+)" rating reiterated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also recently issued reports on RXST. Needham & Company LLC cut their price objective on shares of RxSight from $22.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Wells Fargo & Company cut shares of RxSight from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $25.00 to $9.00 in a research report on Wednesday, July 9th. Oppenheimer cut shares of RxSight from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 9th. Wall Street Zen cut shares of RxSight from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Finally, Stifel Nicolaus cut their price objective on shares of RxSight from $9.00 to $8.00 and set a "hold" rating for the company in a research report on Friday, August 8th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $10.00.

RxSight Stock Down 0.8%

Shares of NASDAQ RXST opened at $8.21 on Wednesday. The firm has a 50-day simple moving average of $8.68 and a 200-day simple moving average of $12.38. The stock has a market capitalization of $335.92 million, a price-to-earnings ratio of -10.26 and a beta of 1.17. RxSight has a 52 week low of $6.32 and a 52 week high of $55.57.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RXST. T. Rowe Price Investment Management Inc. boosted its stake in shares of RxSight by 885.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 719,818 shares of the company's stock valued at $18,176,000 after purchasing an additional 646,791 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of RxSight by 27.4% in the second quarter. Artisan Partners Limited Partnership now owns 2,252,544 shares of the company's stock valued at $29,283,000 after purchasing an additional 485,021 shares during the period. Parkman Healthcare Partners LLC boosted its stake in shares of RxSight by 109.9% in the first quarter. Parkman Healthcare Partners LLC now owns 631,238 shares of the company's stock valued at $15,939,000 after purchasing an additional 330,540 shares during the period. Kent Lake PR LLC purchased a new position in shares of RxSight in the second quarter valued at approximately $3,900,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of RxSight by 123.7% in the second quarter. BNP Paribas Financial Markets now owns 481,064 shares of the company's stock valued at $6,254,000 after purchasing an additional 265,989 shares during the period. Hedge funds and other institutional investors own 78.78% of the company's stock.

About RxSight

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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