RxSight (NASDAQ:RXST) Announces Earnings Results, Misses Expectations By $0.08 EPS

RxSight (NASDAQ:RXST) announced its earnings results on Monday. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.08), Briefing.com reports. The business had revenue of $29.51 million during the quarter, compared to analyst estimates of $27.56 million. RxSight had a negative net margin of 54.57% and a negative return on equity of 31.16%. The business’s quarterly revenue was up 68.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.42) earnings per share. RxSight updated its FY 2024 guidance to EPS.

RxSight Stock Up 3.0 %

NASDAQ RXST traded up $1.91 during trading on Tuesday, reaching $64.75. 135,850 shares of the stock traded hands, compared to its average volume of 430,650. RxSight has a fifty-two week low of $18.35 and a fifty-two week high of $66.54. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -45.17 and a beta of 1.21. The stock’s 50-day moving average price is $52.73 and its 200 day moving average price is $43.06.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RXST. Oppenheimer increased their price target on shares of RxSight from $61.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday. Stifel Nicolaus increased their price objective on RxSight from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. BTIG Research boosted their target price on RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC raised their price target on RxSight from $64.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on RxSight from $40.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $57.38.

Insiders Place Their Bets

In other RxSight news, CEO Ronald M. Md Kurtz sold 40,000 shares of RxSight stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the transaction, the chief executive officer now directly owns 764,610 shares in the company, valued at $45,991,291.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Shelley B. Thunen sold 10,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $56.37, for a total transaction of $563,700.00. Following the sale, the chief financial officer now directly owns 13,691 shares in the company, valued at $771,761.67. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the completion of the sale, the chief executive officer now directly owns 764,610 shares in the company, valued at $45,991,291.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,365 shares of company stock worth $5,020,520. Company insiders own 21.13% 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.