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 research note published on Sunday morning,Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on the company. Stifel Nicolaus dropped 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 cut their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research report on Tuesday, September 22nd. UBS Group boosted their target price on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Jefferies Financial Group decreased their target price on RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, RxSight has an average rating of “Reduce” and a consensus target price of $8.17.

RxSight Stock Down 0.6%

Shares of NASDAQ:RXST opened at $4.90 on Friday. The company has a 50-day moving average price of $5.47 and a 200-day moving average price of $6.46. RxSight has a 12 month low of $4.40 and a 12 month high of $13.22.

RxSight (NASDAQ:RXST) last posted its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.04. The business had revenue of $33.74 million during the quarter, compared to the consensus estimate of $32.55 million. Equities analysts expect that RxSight will post -1.03 earnings per share for the current year.

Insider Transactions at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 firm’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 $35,496.00. Following the completion of the sale, the insider owned 71,775 shares of the company’s stock, valued at $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. Over the last three months, insiders sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is owned by insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in RxSight in the second quarter worth $27,910,000. Bank of America Corp DE boosted its holdings in shares of RxSight by 30.3% during the 1st quarter. Bank of America Corp DE now owns 1,210,039 shares of the company’s stock valued at $7,454,000 after buying an additional 281,426 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of RxSight by 761.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock valued at $6,969,000 after buying an additional 1,000,000 shares in the last quarter. Grandeur Peak Global Advisors LLC purchased a new stake in shares of RxSight in the 2nd quarter worth about $3,482,000. Finally, Deutsche Bank AG purchased a new stake in shares of RxSight in the 2nd quarter worth about $2,604,000. 78.78% of the stock is currently owned by 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 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.