RxSight (NASDAQ:RXST) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of RxSight (NASDAQ:RXST) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

Several other brokerages have also commented on RXST. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th. Stifel Nicolaus reduced their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a report on Monday, August 10th. Bank of America decreased their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a research report on Tuesday, July 7th. Finally, UBS Group raised their price target on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $8.37.

RxSight Stock Up 1.5%

Shares of NASDAQ RXST opened at $6.11 on Friday. RxSight has a 52 week low of $4.48 and a 52 week high of $13.22. The firm has a 50-day moving average price of $6.11 and a 200 day moving average price of $6.23. The stock has a market capitalization of $254.11 million, a price-to-earnings ratio of -5.41 and a beta of 1.16.

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

Insider Transactions at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the business’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 $54,044.40. Following the completion of the transaction, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. The trade was a 23.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 transaction of $35,496.00. Following the completion of the transaction, the insider owned 71,775 shares in the company, valued at approximately $499,554. This trade represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Corient Private Wealth LP lifted its position in RxSight by 176.6% during 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 during the period. Grandeur Peak Global Advisors LLC increased its stake in shares of RxSight by 55.2% during the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock valued at $3,482,000 after acquiring an additional 256,848 shares during the last quarter. Moore Capital Management LP lifted its holdings in shares of RxSight by 116.2% during 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 period. Hsbc Holdings PLC lifted 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 during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of RxSight in the second quarter worth approximately $165,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.