RxSight (NASDAQ:RXST) Price Target Cut to $5.50 by Analysts at Bank of America

RxSight (NASDAQ:RXST) had its price objective dropped by Bank of America from $6.50 to $5.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s target price suggests a potential upside of 7.00% from the stock’s previous close.

Other analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Stifel Nicolaus reduced their price target on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Wall Street Zen upgraded shares of RxSight from a “sell” rating to a “hold” rating in a research note on Sunday. Jefferies Financial Group set a $6.50 price objective on shares of RxSight in a research report on Tuesday, July 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of RxSight in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $8.26.

RxSight Price Performance

NASDAQ RXST opened at $5.14 on Tuesday. The business has a fifty day moving average price of $6.12 and a two-hundred day moving average price of $6.14. The stock has a market capitalization of $213.77 million, a PE ratio of -4.55 and a beta of 1.16. RxSight has a fifty-two week low of $4.48 and a fifty-two week high of $13.22.

RxSight (NASDAQ:RXST) last issued its quarterly 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 analyst estimates of $32.55 million. As a group, sell-side analysts expect that RxSight will post -1.01 earnings per share for the current year.

Insider Activity at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 25,049 shares in the company, valued at $174,341.04. This trade represents a 23.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 RxSight stock in a transaction that occurred on Wednesday, September 2nd. The stock was 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 approximately $499,554. This represents 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 16,947 shares of company stock valued at $117,951 in the last ninety days. 10.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RxSight

A number of hedge funds have recently modified their holdings of RXST. Summit Securities Group LLC bought a new stake in shares of RxSight in the first quarter worth $30,000. Caitong International Asset Management Co. Ltd increased its holdings in RxSight by 511.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock valued at $44,000 after purchasing an additional 3,554 shares during the period. Pure Financial Advisors LLC bought a new position in RxSight during the 2nd quarter worth $53,000. The Manufacturers Life Insurance Company bought a new position in RxSight during the 2nd quarter worth $56,000. Finally, Great Lakes Advisors LLC acquired a new position in RxSight during the 2nd quarter worth about $61,000. 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 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.