RxSight (NASDAQ:RXST) Stock Rating Lowered by Wall Street Zen

RxSight (NASDAQ:RXST) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Sunday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on the stock. Stifel Nicolaus lowered 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. Weiss Ratings restated a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Jefferies Financial Group reduced their price objective on shares of RxSight from $6.50 to $5.75 and set a “hold” rating on the stock in a research note on Tuesday, September 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of RxSight in a report on Tuesday, July 7th. Finally, Bank of America dropped their target price on shares of RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a research report on Tuesday, September 22nd. 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. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $8.17.

RxSight Stock Down 1.8%

RXST stock opened at $4.93 on Friday. RxSight has a twelve month low of $4.40 and a twelve month high of $13.22. The company has a market cap of $205.04 million, a P/E ratio of -4.36 and a beta of 1.15. The business has a fifty day moving average of $5.50 and a 200-day moving average of $6.48.

RxSight (NASDAQ:RXST) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.04. The business had revenue of $33.74 million for the quarter, compared to analysts’ expectations of $32.55 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. As a group, equities research analysts anticipate that RxSight will post -1.03 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RXST. BlackRock Inc. acquired a new stake in RxSight in the second quarter worth $27,910,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of RxSight by 761.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock worth $6,969,000 after purchasing an additional 1,000,000 shares in the last quarter. Grandeur Peak Global Advisors LLC acquired a new position in shares of RxSight in the 2nd quarter valued at $3,482,000. Deutsche Bank AG acquired a new position in shares of RxSight in the 2nd quarter valued at $2,604,000. Finally, Bank of America Corp DE bought a new stake in shares of RxSight in the 2nd quarter valued at $2,339,000. Institutional investors and hedge funds 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 customize a patient’s vision after surgery.

Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company’s Light Delivery Device, enabling physicians to refine the lens power based on the patient’s postoperative visual needs.