RxSight (NASDAQ:RXST) Stock Rating Upgraded by Wall Street Zen

RxSight (NASDAQ:RXST) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

Other analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of RxSight in a research note on Tuesday, July 7th. Bank of America lowered their price target on RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings restated a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. UBS Group upped their price objective on shares of RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group set a $6.50 target price on shares of RxSight in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $8.37.

RxSight Stock Performance

RxSight stock opened at $5.14 on Friday. RxSight has a one year low of $4.48 and a one year high of $13.22. The company has a 50-day simple moving average of $6.12 and a 200-day simple moving average of $6.14. The firm has a market capitalization of $213.77 million, a P/E ratio of -4.55 and a beta of 1.16.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, beating 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 firm had revenue of $33.74 million for the quarter, compared to the consensus estimate of $32.55 million. As a group, sell-side analysts forecast that RxSight will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In other RxSight news, insider M Kurtz sold 5,100 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 71,775 shares of the company’s stock, valued at approximately $499,554. This trade represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction 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 transaction, the chief financial officer owned 25,049 shares in the company, valued at approximately $174,341.04. This trade represents a 23.66% 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 over the last 90 days. 10.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RxSight

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of RxSight in the 2nd quarter worth approximately $27,910,000. Bank of America Corp DE boosted its holdings in RxSight by 30.3% during the first quarter. Bank of America Corp DE now owns 1,210,039 shares of the company’s stock worth $7,454,000 after buying an additional 281,426 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in RxSight by 761.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock worth $6,969,000 after buying an additional 1,000,000 shares during the last quarter. BNP Paribas Financial Markets grew its position in RxSight by 8.0% in the fourth quarter. BNP Paribas Financial Markets now owns 975,744 shares of the company’s stock worth $10,167,000 after buying an additional 71,898 shares during the last quarter. Finally, Grandeur Peak Global Advisors LLC bought a new position in shares of RxSight in the second quarter valued at $3,482,000. 78.78% of the stock is owned by institutional investors and hedge funds.

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.