RxSight (NASDAQ:RXST – Free Report) had its price target lowered by Bank of America from $6.50 to $5.50 in a research report sent to investors on Tuesday,Benzinga reports. Bank of America currently has an underperform rating on the stock.
Several other brokerages have also recently weighed in on RXST. Stifel Nicolaus dropped their price target on shares of 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 price objective on RxSight in a report on Tuesday, July 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Wall Street Zen upgraded RxSight from a “sell” rating to a “hold” rating in a report on Sunday, September 20th. Finally, UBS Group raised their target price on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, RxSight currently has an average rating of “Reduce” and an average target price of $8.17.
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RxSight Trading Down 2.5%
RxSight (NASDAQ:RXST – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.04. The firm had revenue of $33.74 million for the quarter, compared to analyst estimates 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 analysts predict that RxSight will post -1.03 earnings per share for the current fiscal year.
Insider Transactions at RxSight
In other RxSight news, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction, the insider directly owned 71,775 shares in the company, valued at approximately $499,554. This represents a 6.63% decrease in their position. The SEC filing for this sale provides additional information. 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 over the last ninety days. 10.05% of the stock is currently owned by insiders.
Institutional Trading of RxSight
A number of institutional investors and hedge funds have recently modified their holdings of RXST. Caitong International Asset Management Co. Ltd boosted 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 buying an additional 3,554 shares in the last quarter. Summit Securities Group LLC bought a new position in RxSight during the first quarter valued at approximately $30,000. Rockefeller Capital Management L.P. raised its stake in shares of RxSight by 27.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company’s stock worth $248,000 after acquiring an additional 5,203 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of RxSight by 19.7% during the fourth quarter. Corient Private Wealth LLC now owns 36,095 shares of the company’s stock worth $376,000 after acquiring an additional 5,933 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of RxSight by 6.3% in the 1st quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company’s stock worth $618,000 after acquiring an additional 5,978 shares during the last quarter. 78.78% of the stock is owned by hedge funds and other institutional investors.
About RxSight
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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