Needham & Company LLC Reiterates “Buy” Rating for RxSight (NASDAQ:RXST)

Needham & Company LLC reiterated their buy rating on shares of RxSight (NASDAQ:RXST) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $43.00 target price on the stock.

RXST has been the subject of a number of other reports. Jefferies Financial Group initiated coverage on RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price objective for the company. Stifel Nicolaus decreased their price target on RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Wells Fargo & Company cut their price objective on RxSight from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Finally, UBS Group initiated coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.63.

RxSight Price Performance

RxSight stock opened at $28.97 on Wednesday. The business has a 50 day moving average of $32.61 and a 200-day moving average of $43.37. The company has a market capitalization of $1.17 billion, a P/E ratio of -34.90 and a beta of 1.19. RxSight has a 1 year low of $26.29 and a 1 year high of $66.54.

RxSight (NASDAQ:RXST) last posted 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 business had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. Equities analysts anticipate that RxSight will post -0.7 EPS for the current year.

Insider Buying and Selling

In other RxSight news, Director Shweta Maniar sold 3,519 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the transaction, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RxSight

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its position in shares of RxSight by 854.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Quarry LP raised its stake in RxSight by 82.3% during the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after buying an additional 288 shares during the period. Point72 Hong Kong Ltd bought a new position in RxSight in the third quarter worth approximately $34,000. Private Trust Co. NA acquired a new stake in RxSight in the fourth quarter valued at approximately $34,000. Finally, State of Wyoming bought a new stake in shares of RxSight during the fourth quarter valued at approximately $37,000. 78.78% of the stock is owned by institutional investors.

RxSight Company Profile

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.