RxSight (NASDAQ:RXST) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of RxSight (NASDAQ:RXST) from a hold rating to a sell rating in a research report released on Saturday.

Several other equities research analysts have also recently commented on RXST. Wells Fargo & Company cut their price objective on shares of RxSight from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Bank of America lowered their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating for the company in a report on Tuesday, July 7th. UBS Group lifted their price target on RxSight from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Jefferies Financial Group set a $6.50 price target on RxSight in a report on Tuesday, July 7th. Finally, Weiss Ratings cut RxSight from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $8.37.

RxSight Stock Performance

NASDAQ RXST opened at $7.05 on Friday. The business has a 50 day simple moving average of $5.83 and a 200 day simple moving average of $6.39. RxSight has a 52-week low of $4.48 and a 52-week high of $13.22. The stock has a market cap of $293.21 million, a price-to-earnings ratio of -6.24 and a beta of 1.13.

RxSight (NASDAQ:RXST) last announced its quarterly 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. 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, analysts predict that RxSight will post -1.01 EPS for the current year.

Hedge Funds Weigh In On RxSight

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RxSight by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company’s stock valued at $552,000 after acquiring an additional 1,232 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in RxSight by 57.9% during the first quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company’s stock valued at $7,838,000 after purchasing an additional 113,767 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in RxSight by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company’s stock valued at $2,358,000 after purchasing an additional 8,424 shares in the last quarter. Creative Planning bought a new position in RxSight in the second quarter valued at approximately $207,000. Finally, Legal & General Group Plc increased its position in shares of RxSight by 5.0% during the 2nd quarter. Legal & General Group Plc now owns 44,574 shares of the company’s stock worth $579,000 after purchasing an additional 2,121 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.