RxSight, Inc. (NASDAQ:RXST) Given Average Rating of “Reduce” by Brokerages

Shares of RxSight, Inc. (NASDAQ:RXST) have been assigned an average rating of “Reduce” from the twelve research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $8.3667.

A number of brokerages have recently issued reports on RXST. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of RxSight in a report on Tuesday, July 7th. Wells Fargo & Company reduced their price target on RxSight from $11.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. UBS Group boosted their price target on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Bank of America dropped their price objective on RxSight from $8.00 to $6.50 and set an “underperform” rating on the stock in a research note on Tuesday, July 7th. Finally, Wall Street Zen raised RxSight from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th.

RxSight Trading Down 1.7%

NASDAQ:RXST opened at $6.37 on Friday. RxSight has a 1-year low of $4.48 and a 1-year high of $13.22. The firm has a fifty day simple moving average of $5.56 and a 200 day simple moving average of $6.49. The stock has a market capitalization of $264.93 million, a PE ratio of -5.64 and a beta of 1.13.

RxSight (NASDAQ:RXST) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.04. The firm had revenue of $33.74 million for 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, equities analysts predict that RxSight will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RxSight

A number of large investors have recently added to or reduced their stakes in RXST. BlackRock Inc. acquired a new position in shares of RxSight in the second quarter valued at $27,910,000. Millennium Management LLC lifted its stake in shares of RxSight by 130.6% during the 3rd quarter. Millennium Management LLC now owns 2,193,062 shares of the company’s stock worth $19,716,000 after buying an additional 1,241,885 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of 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 last quarter. Grandeur Peak Global Advisors LLC bought a new stake in shares of RxSight during the 2nd quarter worth about $3,482,000. Finally, Bank of America Corp DE boosted its holdings in shares of RxSight by 406.0% during the 3rd quarter. Bank of America Corp DE now owns 722,435 shares of the company’s stock worth $6,495,000 after buying an additional 579,653 shares during the period. Institutional investors own 78.78% of the company’s stock.

RxSight Company Profile

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.