RxSight (NASDAQ:RXST) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of RxSight (NASDAQ:RXST) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

A number of other equities analysts have also issued reports on the company. Stifel Nicolaus decreased their price target on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Monday, August 10th. Jefferies Financial Group lowered their price target on RxSight from $6.50 to $5.75 and set a “hold” rating on the stock in a research report on Tuesday, September 22nd. 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Finally, Bank of America dropped their price target on shares of RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research report on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, RxSight currently has a consensus rating of “Reduce” and a consensus target price of $8.17.

RxSight Trading Down 3.4%

Shares of NASDAQ:RXST opened at $4.51 on Friday. The company has a 50 day moving average of $5.73 and a 200-day moving average of $5.82. The firm has a market cap of $187.57 million, a P/E ratio of -3.99 and a beta of 1.15. RxSight has a twelve month low of $4.40 and a twelve month high of $13.22.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share (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 analysts’ expectations of $32.55 million. Equities research analysts forecast that RxSight will post -1.03 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mark Wilterding sold 7,765 shares of the business’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 sale, the chief financial officer directly owned 25,049 shares of the company’s stock, valued at $174,341.04. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ronald M. Md Kurtz sold 5,100 shares of the company’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 directly owned 71,775 shares of the company’s stock, valued at approximately $499,554. This represents a 6.63% 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 90 days. Insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its stake in RxSight by 511.4% in the 4th 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 in the last quarter. Summit Securities Group LLC purchased a new stake in RxSight during the first quarter valued at about $30,000. Rockefeller Capital Management L.P. lifted its stake in RxSight by 27.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company’s stock valued at $248,000 after buying an additional 5,203 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of RxSight by 19.7% in 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 increased its position in shares of 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 acquiring an additional 5,978 shares in the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

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.