RxSight, Inc. (NASDAQ:RXST) Receives $8.37 Average Price Target from Brokerages

Shares of RxSight, Inc. (NASDAQ:RXST) have earned an average rating of “Reduce” from the twelve ratings firms that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $8.3667.

A number of research firms have issued reports on RXST. Bank of America cut their price objective on shares of RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of RxSight from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Stifel Nicolaus cut their price target on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Monday, August 10th. Weiss Ratings downgraded shares of RxSight from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th.

RxSight Stock Down 1.1%

Shares of RxSight stock opened at $6.09 on Friday. RxSight has a 52 week low of $4.48 and a 52 week high of $13.22. The business has a 50 day moving average price of $5.62 and a 200-day moving average price of $6.45. The company has a market cap of $253.28 million, a PE ratio of -5.39 and a beta of 1.13.

RxSight (NASDAQ:RXST) last announced its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.04. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.The company had revenue of $33.74 million for the quarter, compared to analysts’ expectations of $32.55 million. As a group, research analysts anticipate that RxSight will post -1.01 EPS for the current year.

Institutional Trading of RxSight

A number of hedge funds have recently bought and sold shares of the business. Grandeur Peak Global Advisors LLC boosted its position in RxSight by 55.2% in the second quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock worth $3,482,000 after purchasing an additional 256,848 shares during the last quarter. Moore Capital Management LP grew its stake in RxSight by 116.2% in the 2nd quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock valued at $730,000 after purchasing an additional 81,438 shares during the period. Hsbc Holdings PLC increased its position in shares of RxSight by 16.6% during the 2nd quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock valued at $445,000 after purchasing an additional 13,162 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of RxSight during the 2nd quarter valued at $165,000. Finally, Pure Financial Advisors LLC bought a new stake in shares of RxSight during the 2nd quarter worth $53,000. 78.78% of the stock is currently owned by institutional investors.

RxSight Company Profile

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.