RxSight, Inc. (NASDAQ:RXST) Receives $8.37 Average Price Target from Analysts

Shares of RxSight, Inc. (NASDAQ:RXST) have been given an average rating of “Reduce” by the eleven brokerages that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $8.3667.

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of RxSight in a research report on Tuesday, July 7th. Stifel Nicolaus lowered their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Monday, August 10th. Wall Street Zen lowered RxSight from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Jefferies Financial Group set a $6.50 target price on RxSight in a report on Tuesday, July 7th. Finally, Bank of America decreased their price target on shares of RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a research note on Tuesday, July 7th.

Insider Activity at RxSight

In other RxSight news, insider Ronald M. Md 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 transaction, the insider directly owned 71,775 shares of the company’s stock, valued at $499,554. The trade was a 6.63% decrease in their ownership of the stock. The sale 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 stock in a transaction on Wednesday, September 2nd. The stock was 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 approximately $174,341.04. This represents a 23.66% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 16,947 shares of company stock valued at $117,951. Insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP boosted its position in shares of RxSight by 176.6% during the 2nd quarter. Corient Private Wealth LP now owns 85,838 shares of the company’s stock worth $414,000 after acquiring an additional 54,806 shares in the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in RxSight by 55.2% during the second quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock worth $3,482,000 after purchasing an additional 256,848 shares during the last quarter. Moore Capital Management LP lifted its stake in RxSight by 116.2% during the second quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock worth $730,000 after purchasing an additional 81,438 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in RxSight by 16.6% in the second quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock valued at $445,000 after purchasing an additional 13,162 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in RxSight in the second quarter valued at approximately $165,000. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Price Performance

Shares of NASDAQ:RXST opened at $5.96 on Tuesday. RxSight has a 1 year low of $4.48 and a 1 year high of $13.22. The firm has a market capitalization of $247.88 million, a price-to-earnings ratio of -5.27 and a beta of 1.16. The business’s 50 day moving average price is $6.09 and its 200-day moving average price is $6.27.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.04. The company 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%. On average, sell-side analysts expect that RxSight will post -1.01 earnings per share for the current year.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non?invasive post?operative adjustments. Using ultraviolet light, surgeons can fine?tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.