Bank of America Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its target price lowered by Bank of America from $6.50 to $5.50 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 13.40% from the company’s previous close.

Several other research analysts have also recently weighed in on RXST. Wall Street Zen raised shares of RxSight from a “sell” rating to a “hold” rating in a research report on Sunday. Jefferies Financial Group set a $6.50 price objective on shares of RxSight in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Finally, UBS Group raised their price target on shares of RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Two equities research 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. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $8.17.

RxSight Stock Performance

NASDAQ:RXST opened at $4.85 on Tuesday. RxSight has a one year low of $4.48 and a one year high of $13.22. The stock has a market cap of $201.71 million, a PE ratio of -4.29 and a beta of 1.16. The stock has a 50 day moving average price of $6.11 and a 200 day moving average price of $6.10.

RxSight (NASDAQ:RXST) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.04. The company had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%. As a group, analysts predict that RxSight will post -1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RxSight news, insider M Kurtz sold 5,100 shares of the company’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 $35,496.00. Following the transaction, the insider directly owned 71,775 shares in the company, valued at $499,554. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s 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 in the company, valued at $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 16,947 shares of company stock worth $117,951. 10.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in RxSight in the 2nd quarter valued at about $27,910,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in RxSight by 761.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock worth $6,969,000 after buying an additional 1,000,000 shares during the period. Grandeur Peak Global Advisors LLC acquired a new stake in RxSight during the 2nd quarter worth approximately $3,482,000. Deutsche Bank AG purchased a new position in RxSight in the 2nd quarter valued at approximately $2,604,000. Finally, Bank of America Corp DE acquired a new position in shares of RxSight in the second quarter worth $2,339,000. 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.