RxSight (NASDAQ:RXST) Stock Gets Price Target Reduction from Piper Sandler

RxSight (NASDAQ:RXST) had its price objective cut by Piper Sandler from $10.00 to $8.00 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also issued reports on RXST. Needham & Company LLC decreased their target price on shares of RxSight from $11.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. UBS Group boosted their price target on shares of 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. Wells Fargo & Company reduced their price target on shares of RxSight from $9.00 to $6.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Bank of America decreased their price objective on shares of RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.94.

RxSight Price Performance

RXST remained flat at $4.54 during trading hours on Wednesday. The company had a trading volume of 948,255 shares, compared to its average volume of 666,219. The business’s fifty day moving average is $5.22 and its 200-day moving average is $6.26. The stock has a market capitalization of $188.82 million, a price-to-earnings ratio of -3.55 and a beta of 1.21. RxSight has a 12-month low of $4.11 and a 12-month high of $13.22.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.08). RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. The business had revenue of $24.59 million for the quarter, compared to analyst estimates of $27.19 million. Equities analysts expect that RxSight will post -1.03 earnings per share for the current year.

Insider Buying and Selling at RxSight

In related news, 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 transaction, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total value of $54,044.40. Following the transaction, the chief financial officer directly owned 25,049 shares in the company, valued at approximately $174,341.04. The trade was a 23.66% 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 90 days, insiders sold 16,947 shares of company stock valued at $117,951. Insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

Several hedge funds have recently made changes to their positions in the business. Walleye Capital LLC bought a new stake in RxSight during the second quarter worth approximately $1,726,000. Vitruvian Partners LLP acquired a new position in RxSight in the second quarter worth approximately $1,344,129. Bank of America Corp DE bought a new position in shares of RxSight in the second quarter valued at $2,339,000. Tocqueville Asset Management L.P. bought a new position in shares of RxSight in the second quarter valued at $1,277,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of RxSight during the 2nd quarter valued at $874,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

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 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.