RxSight (NASDAQ:RXST) Posts Earnings Results, Beats Estimates By $0.10 EPS

RxSight (NASDAQ:RXST) issued its quarterly earnings results on Tuesday. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.10, FiscalAI reports. The business had revenue of $24.59 million for the quarter, compared to analyst estimates of $27.19 million. RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%.

RxSight Price Performance

RxSight stock traded down $0.21 during mid-day trading on Tuesday, hitting $4.59. 1,187,586 shares of the company were exchanged, compared to its average volume of 919,842. The business’s 50 day simple moving average is $5.36 and its two-hundred day simple moving average is $6.36. The company has a market capitalization of $190.91 million, a P/E ratio of -4.06 and a beta of 1.15. RxSight has a 12-month low of $4.40 and a 12-month high of $13.22.

Insider Activity

In other news, CFO Mark Wilterding sold 7,765 shares of the business’s 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 transaction, the chief financial officer owned 25,049 shares of the company’s stock, valued at $174,341.04. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $35,496.00. Following the completion of the transaction, the insider owned 71,775 shares of the company’s stock, valued at $499,554. This trade represents a 6.63% decrease in their ownership of the stock. 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. Insiders sold a total of 16,947 shares of company stock valued at $117,951 in the last three months. 10.05% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RXST. Bank of America lowered their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating on the stock in a report on Tuesday, September 22nd. Stifel Nicolaus cut their target price on RxSight from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Monday, August 10th. Jefferies Financial Group reduced their price target on RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of RxSight in a report on Tuesday, September 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of RxSight in a research note on Tuesday, July 7th. Two 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. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $8.17.

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.