Needham & Company LLC Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its target price cut by equities researchers at Needham & Company LLC from $11.00 to $7.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC‘s price target would indicate a potential upside of 52.51% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Stifel Nicolaus dropped their price target 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 decreased their price objective on RxSight from $6.50 to $5.50 and set an “underperform” rating for the company in a research report on Tuesday, September 22nd. Jefferies Financial Group decreased their price objective on RxSight from $6.50 to $5.75 and set a “hold” rating for the company in a research report on Tuesday, September 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of RxSight in a research note on Tuesday, September 8th. Finally, Wall Street Zen lowered RxSight from a “hold” rating to a “sell” rating in a report on Sunday, October 25th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $7.73.

RxSight Stock Performance

Shares of RxSight stock opened at $4.59 on Wednesday. The company has a market capitalization of $190.90 million, a P/E ratio of -4.06 and a beta of 1.21. RxSight has a 1 year low of $4.40 and a 1 year high of $13.22. The company’s fifty day moving average is $5.33 and its two-hundred day moving average is $6.34.

RxSight (NASDAQ:RXST) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.08). RxSight had a negative net margin of 36.80% and a negative return on equity of 17.35%. The business had revenue of $24.59 million during the quarter, compared to analysts’ expectations of $27.19 million. As a group, equities analysts expect that RxSight will post -1.03 earnings per share for the current year.

Insider Buying and Selling at RxSight

In related news, insider Ronald M. Md Kurtz sold 5,100 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were 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 $499,554. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $54,044.40. Following the transaction, the chief financial officer directly owned 25,049 shares of the company’s stock, valued at $174,341.04. This represents a 23.66% decrease in their ownership of the stock. 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. Insiders sold a total of 16,947 shares of company stock valued at $117,951 in the last 90 days. Company insiders own 10.05% of the company’s stock.

Hedge Funds Weigh In On RxSight

Large investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new stake in shares of RxSight in the first quarter valued at approximately $30,000. Pure Financial Advisors LLC purchased a new position in RxSight in the second quarter worth $53,000. The Manufacturers Life Insurance Company purchased a new position in RxSight in the second quarter worth $56,000. Great Lakes Advisors LLC acquired a new stake in RxSight in the second quarter valued at $61,000. Finally, Vise Technologies Inc. acquired a new stake in RxSight in the third quarter valued at $66,000. 78.78% of the stock is owned by hedge funds and other institutional investors.

RxSight Company Profile

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.