RxSight (NASDAQ:RXST) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of RxSight (NASDAQ:RXST) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $66.00 target price on the stock.

A number of other analysts have also recently commented on the stock. Stifel Nicolaus dropped their price target on shares of RxSight from $70.00 to $65.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Company dropped their target price on RxSight from $68.00 to $54.00 and set an overweight rating on the stock in a research report on Tuesday, August 6th. Oppenheimer reduced their price target on RxSight from $72.00 to $65.00 and set an outperform rating for the company in a research report on Tuesday, August 6th. Finally, BTIG Research increased their price objective on RxSight from $72.00 to $73.00 and gave the stock a buy rating in a report on Monday, July 15th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and an average target price of $60.14.

RxSight Stock Performance

RXST opened at $55.54 on Friday. The firm has a market cap of $2.05 billion, a P/E ratio of -44.08 and a beta of 1.22. RxSight has a fifty-two week low of $20.66 and a fifty-two week high of $66.54. The firm has a 50-day moving average of $50.75 and a 200 day moving average of $53.97.

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

Insider Activity at RxSight

In other RxSight news, CFO Shelley B. Thunen sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $58.61, for a total value of $586,100.00. Following the transaction, the chief financial officer now directly owns 13,938 shares in the company, valued at approximately $816,906.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RxSight news, CFO Shelley B. Thunen sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.61, for a total value of $586,100.00. Following the completion of the transaction, the chief financial officer now owns 13,938 shares of the company’s stock, valued at approximately $816,906.18. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ilya Goldshleger sold 9,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $39.25, for a total transaction of $353,250.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $1,658,155.50. The disclosure for this sale can be found here. 9.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds have recently added to or reduced their stakes in RXST. RA Capital Management L.P. increased its position in shares of RxSight by 1.1% during the 1st quarter. RA Capital Management L.P. now owns 3,442,825 shares of the company’s stock valued at $177,581,000 after purchasing an additional 38,540 shares during the last quarter. Vanguard Group Inc. grew its position in RxSight by 2.7% during the first quarter. Vanguard Group Inc. now owns 1,524,510 shares of the company’s stock valued at $78,634,000 after acquiring an additional 40,500 shares during the last quarter. Driehaus Capital Management LLC raised its stake in shares of RxSight by 74.9% during the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock worth $42,490,000 after acquiring an additional 302,367 shares in the last quarter. Parkman Healthcare Partners LLC lifted its holdings in shares of RxSight by 34.5% in the 4th quarter. Parkman Healthcare Partners LLC now owns 513,032 shares of the company’s stock worth $20,685,000 after acquiring an additional 131,701 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of RxSight by 438.8% in the 2nd quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock valued at $21,554,000 after purchasing an additional 291,733 shares in the last quarter. Institutional investors own 78.78% of the company’s stock.

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.