RxSight (NASDAQ:RXST) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of RxSight (NASDAQ:RXST) in a report released on Wednesday morning,Benzinga reports. The firm currently has a $22.00 price objective on the stock.

Several other brokerages have also recently commented on RXST. Bank of America reaffirmed an “underperform” rating and set a $22.00 price target (down previously from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. Piper Sandler began coverage on shares of RxSight in a report on Tuesday, April 15th. They issued a “neutral” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $17.00 price target (down from $40.00) on shares of RxSight in a research report on Friday, April 4th. BTIG Research reissued a “neutral” rating on shares of RxSight in a report on Wednesday. Finally, UBS Group downgraded RxSight from a “buy” rating to a “neutral” rating and cut their price target for the stock from $45.00 to $16.00 in a report on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.20.

RxSight Trading Down 37.8%

Shares of NASDAQ RXST opened at $7.95 on Wednesday. The stock has a fifty day moving average price of $14.26 and a 200 day moving average price of $22.38. The company has a market cap of $323.09 million, a P/E ratio of -11.87 and a beta of 1.21. RxSight has a 12-month low of $6.32 and a 12-month high of $58.23.

RxSight (NASDAQ:RXST) last announced its earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $37.90 million during the quarter, compared to the consensus estimate of $38.74 million. RxSight had a negative return on equity of 9.54% and a negative net margin of 17.90%. The company’s revenue was up 28.5% on a year-over-year basis. During the same period last year, the firm earned ($0.25) earnings per share. On average, sell-side analysts forecast that RxSight will post -0.7 EPS for the current fiscal year.

Institutional Trading of RxSight

Several hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its stake in RxSight by 57.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company’s stock valued at $7,838,000 after acquiring an additional 113,767 shares in the last quarter. Voya Investment Management LLC raised its stake in RxSight by 73.9% during the 1st quarter. Voya Investment Management LLC now owns 26,969 shares of the company’s stock valued at $681,000 after acquiring an additional 11,464 shares in the last quarter. Militia Capital Partners LP bought a new stake in RxSight during the 1st quarter valued at $758,000. Rhumbline Advisers raised its stake in RxSight by 6.4% during the 1st quarter. Rhumbline Advisers now owns 51,576 shares of the company’s stock valued at $1,302,000 after acquiring an additional 3,103 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in RxSight by 9.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company’s stock valued at $2,358,000 after acquiring an additional 8,424 shares in the last quarter. Institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.