RxSight, Inc. (NASDAQ:RXST) Receives $8.37 Consensus Price Target from Analysts

RxSight, Inc. (NASDAQ:RXST) has been given an average rating of “Reduce” by the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $8.3667.

A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of RxSight in a research report on Tuesday, September 8th. Wall Street Zen lowered shares of RxSight from a “hold” rating to a “sell” rating in a research note on Saturday. UBS Group raised their price objective on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group set a $6.50 target price on shares of RxSight in a research note on Tuesday, July 7th.

RxSight Stock Up 1.5%

Shares of RxSight stock opened at $6.11 on Tuesday. RxSight has a 52 week low of $4.48 and a 52 week high of $13.22. The company has a 50 day moving average price of $6.11 and a 200 day moving average price of $6.23. The firm has a market capitalization of $254.11 million, a P/E ratio of -5.41 and a beta of 1.16.

RxSight (NASDAQ:RXST) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.04. The firm had revenue of $33.74 million for the quarter, compared to analyst estimates 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, research analysts anticipate that RxSight will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 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. The trade was a 23.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ronald M. Md Kurtz sold 5,100 shares of the stock in a transaction that occurred on 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $117,951 over the last three months. Corporate insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

A number of hedge funds have recently modified their holdings of the business. CWM LLC boosted 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 purchasing an additional 2,596 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in RxSight by 511.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock worth $44,000 after purchasing an additional 3,554 shares during the period. Summit Securities Group LLC acquired a new stake in RxSight in the first quarter valued at approximately $30,000. Pure Financial Advisors LLC purchased a new position in RxSight in the second quarter valued at $53,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of RxSight in the 2nd quarter valued at about $56,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

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.