RxSight (NASDAQ:RXST) Price Target Cut to $5.75 by Analysts at Jefferies Financial Group

RxSight (NASDAQ:RXST) had its price objective reduced by Jefferies Financial Group from $6.50 to $5.75 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 13.73% from the stock’s previous close.

A number of other research firms also recently weighed in on RXST. Bank of America lowered their target price on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a report on Tuesday. Stifel Nicolaus reduced their price target on shares of RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Monday, August 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Finally, Wall Street Zen upgraded shares of RxSight from a “sell” rating to a “hold” rating in a research report on Sunday. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $8.17.

RxSight Stock Down 1.6%

RXST traded down $0.08 during mid-day trading on Tuesday, reaching $5.06. 81,635 shares of the company traded hands, compared to its average volume of 948,525. The stock has a market capitalization of $210.28 million, a P/E ratio of -4.46 and a beta of 1.16. The company’s fifty day moving average price is $6.12 and its 200-day moving average price is $6.14. RxSight has a 52-week low of $4.48 and a 52-week high of $13.22.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.04. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.The firm had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. As a group, sell-side analysts forecast that RxSight will post -1.01 earnings per share for the current fiscal year.

Insider Activity at RxSight

In other news, insider Ronald M. Md Kurtz sold 5,100 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the transaction, the insider owned 71,775 shares of the company’s stock, valued at approximately $499,554. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the transaction, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. This represents a 23.66% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 16,947 shares of company stock valued at $117,951 over the last 90 days. 10.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RXST. Corient Private Wealth LP lifted its position in shares of RxSight by 176.6% in the second quarter. Corient Private Wealth LP now owns 85,838 shares of the company’s stock worth $414,000 after buying an additional 54,806 shares in the last quarter. Grandeur Peak Global Advisors LLC increased its stake in RxSight by 55.2% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock worth $3,482,000 after acquiring an additional 256,848 shares during the last quarter. Moore Capital Management LP increased its stake in RxSight by 116.2% in the 2nd quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock worth $730,000 after acquiring an additional 81,438 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of RxSight by 16.6% during the 2nd quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock worth $445,000 after acquiring an additional 13,162 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of RxSight during the 2nd quarter worth approximately $165,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on improving visual outcomes for patients undergoing cataract surgery. The company develops and commercializes ophthalmic products that allow surgeons to adjust a patient’s vision after surgery rather than relying solely on preoperative measurements and the initial implanted lens.

Its primary products include the RxSight Light Adjustable Lens and the RxSight Light Delivery Device. The lens is implanted during cataract surgery and can be adjusted after surgery through controlled ultraviolet-light treatments delivered by the company’s device.