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

RxSight (NASDAQ:RXST) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

RXST has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of RxSight in a report on Tuesday, July 7th. Stifel Nicolaus cut their target price on RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Monday, August 10th. Jefferies Financial Group set a $6.50 target price on RxSight in a research report on Tuesday, July 7th. Bank of America lowered their price target on RxSight from $8.00 to $6.50 and set an “underperform” rating for the company in a report on Tuesday, July 7th. Finally, Weiss Ratings cut shares of RxSight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $8.37.

RxSight Price Performance

NASDAQ RXST opened at $7.05 on Friday. RxSight has a 52 week low of $4.48 and a 52 week high of $13.22. The stock has a market capitalization of $293.23 million, a PE ratio of -6.24 and a beta of 1.13. The firm has a 50 day moving average of $5.83 and a two-hundred day moving average of $6.37.

RxSight (NASDAQ:RXST) last released 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. The business had revenue of $33.74 million during the quarter, compared to analysts’ expectations of $32.55 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. On average, equities research analysts expect that RxSight will post -1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RxSight

Institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in RxSight by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company’s stock worth $552,000 after purchasing an additional 1,232 shares during the last quarter. 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 worth $2,358,000 after acquiring an additional 8,424 shares during the period. Creative Planning purchased a new position in RxSight in the 2nd quarter valued at $207,000. Finally, Legal & General Group Plc boosted its holdings in shares of RxSight by 5.0% in the second quarter. Legal & General Group Plc now owns 44,574 shares of the company’s stock valued at $579,000 after acquiring an additional 2,121 shares in the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

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.