RxSight, Inc. (NASDAQ:RXST) Given Consensus Recommendation of “Buy” by Brokerages

Shares of RxSight, Inc. (NASDAQ:RXST) have been assigned an average recommendation of “Buy” from the eight research firms that are covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $61.63.

Several research firms have issued reports on RXST. BTIG Research lifted their price target on shares of RxSight from $72.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Oppenheimer cut their target price on RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Stifel Nicolaus reduced their target price on RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Jefferies Financial Group started coverage on RxSight in a research note on Tuesday. They issued a “buy” rating and a $72.00 price target on the stock. Finally, Wells Fargo & Company decreased their target price on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th.

RxSight Stock Performance

Shares of NASDAQ RXST opened at $51.10 on Friday. RxSight has a 1 year low of $22.60 and a 1 year high of $66.54. The stock has a fifty day moving average price of $51.65 and a two-hundred day moving average price of $53.60. The firm has a market cap of $1.89 billion, a P/E ratio of -50.10 and a beta of 1.20.

RxSight (NASDAQ:RXST) last released its earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06. RxSight had a negative return on equity of 19.33% and a negative net margin of 31.92%. The firm had revenue of $34.89 million for the quarter, compared to analyst estimates of $32.33 million. During the same period in the previous year, the company earned ($0.40) earnings per share. RxSight’s revenue was up 67.6% compared to the same quarter last year. On average, research analysts predict that RxSight will post -0.81 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Ilya Goldshleger sold 9,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $39.25, for a total transaction of $353,250.00. Following the completion of the sale, the insider now directly owns 42,246 shares in the company, valued at approximately $1,658,155.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 52,415 shares of company stock worth $2,532,097 in the last 90 days. Company insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Several hedge funds and other institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new stake in RxSight in the first quarter valued at approximately $1,929,000. Principal Financial Group Inc. boosted its holdings in RxSight by 298.5% in the first quarter. Principal Financial Group Inc. now owns 34,928 shares of the company’s stock worth $1,802,000 after purchasing an additional 26,164 shares in the last quarter. Baillie Gifford & Co. acquired a new position in RxSight during the first quarter worth $3,429,000. M&G Plc bought a new position in RxSight during the first quarter valued at about $7,354,000. Finally, Inspire Investing LLC acquired a new stake in shares of RxSight in the first quarter worth about $917,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.