Jefferies Financial Group Cuts RxSight (NASDAQ:RXST) Price Target to $5.75

RxSight (NASDAQ:RXST) had its price target cut by Jefferies Financial Group from $6.50 to $5.75 in a research report report published on Tuesday, Marketbeat Ratings reports. They currently have a hold rating on the stock.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of RxSight in a report on Tuesday, July 7th. Wall Street Zen raised shares of RxSight from a “sell” rating to a “hold” rating in a research report on Sunday, September 20th. Weiss Ratings restated a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Bank of America cut their target price on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a research note on Tuesday. Finally, 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. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, RxSight currently has a consensus rating of “Reduce” and an average target price of $8.17.

RxSight Stock Performance

Shares of RXST opened at $4.73 on Tuesday. The firm has a market capitalization of $196.72 million, a P/E ratio of -4.19 and a beta of 1.16. RxSight has a 52 week low of $4.48 and a 52 week high of $13.22. The stock has a 50 day moving average price of $6.10 and a two-hundred day moving average price of $6.08.

RxSight (NASDAQ:RXST) last posted its earnings results 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. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.The company had revenue of $33.74 million for the quarter, compared to analyst estimates of $32.55 million. On average, equities analysts forecast that RxSight will post -1.03 earnings per share for the current year.

Insider Activity at RxSight

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 transaction 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 shares were sold at an average price of $6.96, for a total transaction of $54,044.40. Following 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of RxSight in the 2nd quarter worth about $27,910,000. BNP Paribas Financial Markets raised its holdings in shares of RxSight by 8.0% during the 4th quarter. BNP Paribas Financial Markets now owns 975,744 shares of the company’s stock valued at $10,167,000 after buying an additional 71,898 shares in the last quarter. Bank of America Corp DE lifted its position in RxSight by 30.3% in the 1st quarter. Bank of America Corp DE now owns 1,210,039 shares of the company’s stock worth $7,454,000 after buying an additional 281,426 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in RxSight by 761.0% in the first 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 in the last quarter. Finally, Grandeur Peak Global Advisors LLC bought a new position in RxSight during the second quarter valued at approximately $3,482,000. Institutional investors 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.