RxSight (NASDAQ:RXST) Sets New 12-Month Low After Earnings Miss

RxSight, Inc. (NASDAQ:RXST)’s share price hit a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $13.25 and last traded at $13.58, with a volume of 230442 shares traded. The stock had previously closed at $14.90.

The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $37.90 million for the quarter, compared to analyst estimates of $38.74 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. RxSight’s revenue was up 28.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.25) EPS.

Analysts Set New Price Targets

A number of brokerages have commented on RXST. Needham & Company LLC reissued a “buy” rating and issued a $43.00 price objective on shares of RxSight in a research report on Thursday, April 3rd. Stifel Nicolaus lowered their target price on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a report on Wednesday, March 19th. Bank of America reiterated an “underperform” rating and set a $22.00 price target (down from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. UBS Group cut RxSight from a “buy” rating to a “neutral” rating and cut their target price for the stock from $45.00 to $16.00 in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $17.00 price target (down previously from $40.00) on shares of RxSight in a research note on Friday, April 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $37.60.

Insiders Place Their Bets

In other news, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the sale, the director now directly owns 24,793 shares in the company, valued at approximately $637,428.03. This trade represents a 22.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Private Trust Co. NA purchased a new position in shares of RxSight in the fourth quarter valued at $34,000. State of Wyoming purchased a new position in shares of RxSight during the 4th quarter worth approximately $37,000. Coppell Advisory Solutions LLC increased its stake in shares of RxSight by 108.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock worth $44,000 after purchasing an additional 672 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of RxSight during the 4th quarter worth approximately $46,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of RxSight in the fourth quarter worth $52,000. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Price Performance

The firm has a market capitalization of $537.40 million, a PE ratio of -15.94 and a beta of 1.32. The company has a 50-day moving average price of $19.55 and a 200-day moving average price of $31.77.

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.