RxSight, Inc. (NASDAQ:RXST) Stock Rated “Reduce” by Sell-Side Brokerages

Shares of RxSight, Inc. (NASDAQ:RXST) have been assigned an average recommendation of “Reduce” from the twelve brokerages that are covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $8.17.

Several research firms have recently commented on RXST. Stifel Nicolaus reduced their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Monday, August 10th. Jefferies Financial Group cut their price target on RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. UBS Group upped their price target on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th.

Insider Activity at RxSight

In other news, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction on 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 sale, the chief financial officer directly owned 25,049 shares of the company’s stock, valued at $174,341.04. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 firm’s stock in a transaction 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 sale, the insider owned 71,775 shares in the company, valued at $499,554. The trade was 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. Insiders have sold 16,947 shares of company stock worth $117,951 in the last ninety days. Insiders own 10.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC bought a new stake in RxSight during the first quarter valued at about $30,000. Caitong International Asset Management Co. Ltd grew its position in shares of RxSight by 511.4% during the fourth 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 in the last quarter. Pure Financial Advisors LLC purchased a new stake in shares of RxSight during the second quarter worth about $53,000. The Manufacturers Life Insurance Company bought a new stake in RxSight during the 2nd quarter valued at approximately $56,000. Finally, Great Lakes Advisors LLC bought a new stake in RxSight during the 2nd quarter valued at approximately $61,000. Institutional investors own 78.78% of the company’s stock.

RxSight Trading Down 0.8%

RXST opened at $4.81 on Friday. The company’s 50 day moving average is $5.90 and its 200 day moving average is $5.89. The company has a market cap of $200.05 million, a price-to-earnings ratio of -4.26 and a beta of 1.15. RxSight has a 12-month low of $4.48 and a 12-month high of $13.22.

RxSight (NASDAQ:RXST) last announced its earnings results on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.04. The business had revenue of $33.74 million during the quarter, compared to analysts’ expectations 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, analysts predict that RxSight will post -1.03 EPS for the current fiscal year.

RxSight Company Profile

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.