RxSight (NASDAQ:RXST) Downgraded by Wall Street Zen to “Sell”

by · The Cerbat Gem

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

RXST has been the subject of a number of other reports. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Bank of America reduced their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research note on Tuesday, September 22nd. UBS Group upped their price objective on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of RxSight in a research report on Tuesday, July 7th. Finally, Stifel Nicolaus cut their target price on shares of RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $8.17.

View Our Latest Research Report on RXST

RxSight Stock Performance

RXST opened at $4.68 on Friday. The stock has a market capitalization of $194.64 million, a price-to-earnings ratio of -4.14 and a beta of 1.15. RxSight has a fifty-two week low of $4.48 and a fifty-two week high of $13.22. The company has a fifty day moving average of $6.02 and a 200 day moving average of $5.97.

RxSight (NASDAQ:RXST – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) EPS 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 business had revenue of $33.74 million during the quarter, compared to the consensus estimate of $32.55 million. On average, equities research analysts forecast that RxSight will post -1.03 earnings per share for the current year.

Insider Activity

In related news, insider M Kurtz sold 5,100 shares of RxSight stock in a transaction dated Wednesday, September 2nd. The shares were 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. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 the business’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 transaction, the chief financial officer owned 25,049 shares of the company’s stock, valued at $174,341.04. This trade represents a 23.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 90 days. Company insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

A number of large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its stake 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 worth $44,000 after purchasing an additional 3,554 shares during the period. Summit Securities Group LLC purchased a new stake in shares of RxSight during the first quarter valued at $30,000. Pure Financial Advisors LLC bought a new position in shares of RxSight in the second quarter worth about $53,000. The Manufacturers Life Insurance Company bought a new position in shares of RxSight in the second quarter worth about $56,000. Finally, Great Lakes Advisors LLC purchased a new position in RxSight in the 2nd quarter worth about $61,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

About RxSight

(Get Free Report)

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.

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