RxSight (NASDAQ:RXST) Stock Price Down 0.9% – Here’s What Happened

RxSight, Inc. (NASDAQ:RXST)’s share price fell 0.9% on Thursday . The stock traded as low as $9.45 and last traded at $9.86. 1,204,278 shares traded hands during trading, an increase of 48% from the average session volume of 816,409 shares. The stock had previously closed at $9.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RXST shares. UBS Group restated a “neutral” rating on shares of RxSight in a report on Monday, January 12th. Piper Sandler raised their target price on shares of RxSight from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Tuesday. Needham & Company LLC upped their price target on shares of RxSight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Wells Fargo & Company boosted their price objective on shares of RxSight from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Finally, Stifel Nicolaus set a $10.00 price objective on shares of RxSight in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, RxSight presently has a consensus rating of “Reduce” and a consensus price target of $9.78.

RxSight Stock Performance

The firm has a market capitalization of $391.05 million, a P/E ratio of -10.81 and a beta of 1.14. The company has a 50-day simple moving average of $10.91 and a two-hundred day simple moving average of $9.38.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.15. RxSight had a negative net margin of 25.15% and a negative return on equity of 12.82%. The company had revenue of $30.34 million during the quarter, compared to analyst estimates of $25.63 million. During the same period last year, the business earned ($0.16) EPS. RxSight’s quarterly revenue was down 31.4% compared to the same quarter last year. As a group, research analysts forecast that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RXST. Raymond James Financial Inc. bought a new position in RxSight in the 2nd quarter valued at approximately $28,000. Bessemer Group Inc. bought a new position in shares of RxSight in the second quarter worth approximately $33,000. Larson Financial Group LLC lifted its holdings in RxSight by 110.5% in the 3rd quarter. Larson Financial Group LLC now owns 3,979 shares of the company’s stock worth $36,000 after purchasing an additional 2,089 shares in the last quarter. CWM LLC raised its position in shares of RxSight by 614.1% during the second quarter. CWM LLC now owns 4,520 shares of the company’s stock valued at $59,000 after buying an additional 3,887 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of RxSight by 156.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,574 shares of the company’s stock worth $72,000 after acquiring an additional 3,398 shares during the last quarter. Institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non?invasive post?operative adjustments. Using ultraviolet light, surgeons can fine?tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.