RxSight (NASDAQ:RXST) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen downgraded shares of RxSight (NASDAQ:RXST) from a hold rating to a sell rating in a research note released on Sunday morning,Wall Street Zen reports.

RXST has been the subject of several other reports. Jefferies Financial Group cut their price target on shares of RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of RxSight in a report on Tuesday, July 7th. Stifel Nicolaus lowered their price objective on RxSight from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Monday, August 10th. Bank of America dropped their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a research note on Tuesday, September 22nd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of RxSight in a research report on Tuesday, September 8th. 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’s stock. According to MarketBeat.com, RxSight currently has a consensus rating of “Reduce” and a consensus target price of $8.17.

RxSight Stock Performance

Shares of RxSight stock opened at $5.02 on Friday. The company’s 50-day moving average price is $5.53 and its 200-day moving average price is $5.76. RxSight has a 12-month low of $4.40 and a 12-month high of $13.22. The company has a market cap of $208.78 million, a price-to-earnings ratio of -4.44 and a beta of 1.15.

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

Insider Activity at RxSight

In other RxSight 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 transaction of $54,044.40. Following the completion of the sale, the chief financial officer directly owned 25,049 shares in the company, valued at $174,341.04. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider M Kurtz sold 5,100 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $35,496.00. Following the completion of the transaction, the insider directly owned 71,775 shares of the company’s stock, valued at approximately $499,554. This represents a 6.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 Trading of RxSight

Institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP lifted its holdings in shares of RxSight by 176.6% during the 2nd quarter. Corient Private Wealth LP now owns 85,838 shares of the company’s stock worth $414,000 after acquiring an additional 54,806 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its stake in RxSight by 55.2% in the second quarter. Grandeur Peak Global Advisors LLC now owns 722,440 shares of the company’s stock valued at $3,482,000 after acquiring an additional 256,848 shares during the last quarter. Moore Capital Management LP increased its stake in RxSight by 116.2% in the second quarter. Moore Capital Management LP now owns 151,500 shares of the company’s stock valued at $730,000 after acquiring an additional 81,438 shares during the last quarter. Hsbc Holdings PLC raised its position in RxSight by 16.6% during the second quarter. Hsbc Holdings PLC now owns 92,312 shares of the company’s stock valued at $445,000 after purchasing an additional 13,162 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in RxSight during the second quarter valued at about $165,000. Hedge funds and other 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 customize a patient’s vision after surgery.

Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company’s Light Delivery Device, enabling physicians to refine the lens power based on the patient’s postoperative visual needs.