RxSight (NASDAQ:RXST) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of RxSight (NASDAQ:RXST) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently issued reports on RXST. Bank of America cut their target price on RxSight from $8.00 to $6.50 and set an “underperform” rating for the company in a research note on Tuesday, July 7th. UBS Group increased their price target on RxSight from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Thursday, August 6th. 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. Wells Fargo & Company reduced their price objective on shares of RxSight from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Finally, Stifel Nicolaus reduced their price objective on shares of RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Monday, August 10th. Two investment 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 MarketBeat.com, RxSight currently has a consensus rating of “Reduce” and an average price target of $8.37.

RxSight Stock Performance

NASDAQ RXST opened at $7.33 on Friday. The business has a fifty day moving average price of $5.88 and a 200 day moving average price of $6.37. RxSight has a one year low of $4.48 and a one year high of $13.22. The company has a market cap of $304.85 million, a P/E ratio of -6.49 and a beta of 1.13.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in RxSight in the 2nd quarter valued at about $27,910,000. Millennium Management LLC grew its position in shares of RxSight by 130.6% during the third 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of RxSight by 761.0% during 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. Grandeur Peak Global Advisors LLC purchased a new stake in shares of RxSight during the second quarter worth approximately $3,482,000. Finally, Bank of America Corp DE increased its stake in shares of RxSight by 406.0% during the third 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. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

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.