Wall Street Zen Upgrades RxSight (NASDAQ:RXST) to Hold

Key Points

• Wall Street Zen upgraded RxSight from “sell” to “hold,” while the broader analyst consensus remains “Reduce” with an average price target of $8.59.
• RxSight reported better-than-expected quarterly results, losing $0.29 per share versus the $0.33 expected and generating $33.74 million in revenue against a $32.55 million estimate.
• The stock opened at $6.26, with a market capitalization of approximately $259 million, after trading between $4.48 and $13.22 over the past year; institutional investors own 78.78% of shares.

RxSight (NASDAQ:RXST - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

RXST has been the topic of a number of other reports. UBS Group lifted their target price on RxSight from $5.50 to $6.30 and gave the stock a "neutral" rating in a research report on Thursday. Jefferies Financial Group set a $6.50 price target on RxSight in a report on Tuesday, July 7th. Wells Fargo & Company reduced their price objective 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. Bank of America decreased their price objective on RxSight from $8.00 to $6.50 and set an "underperform" rating on the stock in a report on Tuesday, July 7th. Finally, Weiss Ratings cut RxSight from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 11th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $8.59.

RxSight Price Performance

NASDAQ RXST opened at $6.26 on Friday. The firm has a market capitalization of $259.16 million, a price-to-earnings ratio of -5.54 and a beta of 1.13. The company's fifty day moving average is $5.31 and its two-hundred day moving average is $6.64. RxSight has a 52-week low of $4.48 and a 52-week high of $13.22.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) 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 the consensus estimate of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. As a group, sell-side analysts expect that RxSight will post -1.41 earnings per share for the current fiscal year.

Institutional Trading of RxSight

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in RxSight during the second quarter worth about $28,000. Summit Securities Group LLC acquired a new position in shares of RxSight in the 1st quarter worth approximately $30,000. Larson Financial Group LLC raised its holdings in shares of RxSight by 110.5% in the 3rd quarter. Larson Financial Group LLC now owns 3,979 shares of the company's stock worth $36,000 after buying an additional 2,089 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of RxSight by 440.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,758 shares of the company's stock worth $39,000 after buying an additional 3,063 shares during the period. Finally, CWM LLC lifted its position in shares of RxSight by 211.1% during the 4th quarter. CWM LLC now owns 3,826 shares of the company's stock worth $40,000 after buying an additional 2,596 shares during the period. Institutional investors own 78.78% of the company's stock.

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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