RxSight (NASDAQ:RXST) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of RxSight (NASDAQ:RXST) from a hold rating to a sell rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

RXST has been the topic of several other reports. Jefferies Financial Group lowered their target price on RxSight from $6.50 to $5.75 and set a “hold” rating on the stock in a research note 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 note on Thursday, August 6th. Bank of America decreased their price target on RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a report on Tuesday, September 22nd. Stifel Nicolaus lowered their price objective on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $8.17.

RxSight Price Performance

Shares of NASDAQ:RXST opened at $4.76 on Friday. The stock has a market cap of $197.97 million, a P/E ratio of -4.21 and a beta of 1.15. The firm has a fifty day moving average price of $6.00 and a 200 day moving average price of $5.94. RxSight has a 1-year low of $4.48 and a 1-year high of $13.22.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data 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. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The company had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. Sell-side analysts expect that RxSight will post -1.03 EPS for the current fiscal year.

Insider Transactions at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total transaction of $54,044.40. Following the sale, the chief financial officer owned 25,049 shares of the company’s stock, valued at approximately $174,341.04. The trade was 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 Ronald M. Md Kurtz sold 5,100 shares of the company’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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 16,947 shares of company stock valued at $117,951 in the last quarter. Insiders own 10.05% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its holdings in RxSight by 511.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock valued at $44,000 after buying an additional 3,554 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of RxSight in the first quarter valued at $30,000. Pure Financial Advisors LLC acquired a new stake in shares of RxSight during the second quarter valued at $53,000. The Manufacturers Life Insurance Company acquired a new position in shares of RxSight in the second quarter valued at approximately $56,000. Finally, Great Lakes Advisors LLC acquired a new position in shares of RxSight in the second quarter valued at approximately $61,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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 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.