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

RxSight (NASDAQ:RXST) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

RXST has been the topic of several other research reports. Stifel Nicolaus decreased their price target on RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Bank of America lowered their price target on RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of RxSight in a research report on Tuesday, July 7th. Finally, UBS Group raised their price objective on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, RxSight currently has an average rating of “Reduce” and an average price target of $8.17.

RxSight Stock Performance

RXST stock opened at $4.51 on Friday. The firm has a market cap of $187.58 million, a PE ratio of -3.99 and a beta of 1.15. The firm’s 50 day moving average price is $5.73 and its 200-day moving average price is $5.82. RxSight has a one year low of $4.40 and a one year high of $13.22.

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

Insider Activity at RxSight

In related news, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 RxSight stock in a transaction that occurred 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 completion of the sale, the insider owned 71,775 shares of the company’s stock, valued at $499,554. This trade represents a 6.63% decrease in their position. 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. Over the last 90 days, insiders sold 16,947 shares of company stock worth $117,951. Company insiders own 10.05% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of RxSight in the second quarter valued at $27,910,000. Bank of America Corp DE raised its holdings in shares of RxSight by 30.3% in the 1st quarter. Bank of America Corp DE now owns 1,210,039 shares of the company’s stock valued at $7,454,000 after buying an additional 281,426 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of RxSight by 761.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,131,400 shares of the company’s stock valued at $6,969,000 after buying an additional 1,000,000 shares during the period. Grandeur Peak Global Advisors LLC purchased a new stake in shares of RxSight in the 2nd quarter valued at $3,482,000. Finally, Deutsche Bank AG acquired a new position in RxSight during the 2nd quarter worth about $2,604,000. 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.