RxSight (NASDAQ:RXST – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday, Wall Street Zen reports.
Several other research analysts have also weighed in on RXST. Bank of America dropped their price target on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research report on Tuesday, September 22nd. Stifel Nicolaus decreased their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Monday, August 10th. 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. UBS Group upped 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a research report on Tuesday, September 8th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $8.17.
View Our Latest Report on RxSight
RxSight Stock Performance
RxSight (NASDAQ:RXST – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.04. The firm had revenue of $33.74 million during 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%. As a group, equities research analysts expect that RxSight will post -1.03 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, insider Ronald M. Md Kurtz sold 5,100 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the sale, the insider owned 71,775 shares in the company, valued at approximately $499,554. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the completion of the sale, the chief financial officer owned 25,049 shares in the company, valued at $174,341.04. This represents a 23.66% decrease in their ownership of the stock. 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 worth $117,951 over the last quarter. 10.05% of the stock is currently owned by company insiders.
Institutional Trading of RxSight
Several institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its position in RxSight by 511.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,249 shares of the company’s stock worth $44,000 after acquiring an additional 3,554 shares during the last quarter. Summit Securities Group LLC bought a new position in RxSight in the 1st quarter valued at $30,000. Rockefeller Capital Management L.P. raised its position in RxSight by 27.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company’s stock valued at $248,000 after purchasing an additional 5,203 shares during the last quarter. Corient Private Wealth LLC raised its position in RxSight by 19.7% in the 4th quarter. Corient Private Wealth LLC now owns 36,095 shares of the company’s stock valued at $376,000 after purchasing an additional 5,933 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in RxSight by 6.3% in the first quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company’s stock worth $618,000 after purchasing an additional 5,978 shares in the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.
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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