RxSight’s (RXST) “Buy” Rating Reaffirmed at Needham & Company LLC

RxSight (NASDAQ:RXST)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $43.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 52.43% from the stock’s previous close.

Several other research analysts have also recently issued reports on RXST. Wells Fargo & Company dropped their price target on RxSight from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Stifel Nicolaus dropped their price target on RxSight from $40.00 to $35.00 and set a “hold” rating on the stock in a report on Monday, January 13th. UBS Group initiated coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.63.

RxSight Price Performance

RXST opened at $28.21 on Wednesday. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -33.99 and a beta of 1.19. RxSight has a 1-year low of $26.29 and a 1-year high of $66.54. The business has a 50 day moving average price of $32.41 and a two-hundred day moving average price of $43.26.

RxSight (NASDAQ:RXST) last released its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). The firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. Equities analysts expect that RxSight will post -0.7 EPS for the current fiscal year.

Insider Activity

In other news, Director Shweta Maniar sold 3,519 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the sale, the director now owns 7,383 shares in the company, valued at $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jesse Anderson Corley bought 1,443 shares of RxSight stock in a transaction dated Wednesday, January 15th. The stock was acquired at an average price of $31.18 per share, with a total value of $44,992.74. Following the acquisition, the director now directly owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. This represents a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate 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 RXST. Nisa Investment Advisors LLC raised its holdings in shares of RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Arista Wealth Management LLC purchased a new stake in shares of RxSight during the third quarter worth $258,000. Principal Financial Group Inc. raised its holdings in shares of RxSight by 0.7% during the third quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock worth $1,782,000 after acquiring an additional 240 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of RxSight during the third quarter worth $988,000. Finally, Baillie Gifford & Co. raised its holdings in shares of RxSight by 17.0% during the third quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock worth $20,711,000 after acquiring an additional 60,789 shares in the last quarter. 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.