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

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

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

RxSight Stock Performance

Shares of RXST opened at $28.36 on Wednesday. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -34.17 and a beta of 1.19. RxSight has a fifty-two week low of $26.29 and a fifty-two week high of $66.54. The firm has a 50 day moving average price of $32.31 and a 200-day moving average price of $43.10.

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

Insider Buying and Selling at RxSight

In other news, Director Shweta Maniar sold 3,519 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the sale, the director now owns 7,383 shares in the company, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jesse Anderson Corley bought 1,443 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in RxSight by 17.7% in the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock worth $40,398,000 after purchasing an additional 122,775 shares in the last quarter. Victory Capital Management Inc. boosted its stake in RxSight by 21.0% in the 3rd quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock worth $12,845,000 after purchasing an additional 45,161 shares in the last quarter. Baillie Gifford & Co. boosted its stake in RxSight by 17.0% in the 3rd quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock worth $20,711,000 after purchasing an additional 60,789 shares in the last quarter. Barclays PLC boosted its stake in RxSight by 389.8% in the 3rd quarter. Barclays PLC now owns 58,786 shares of the company’s stock worth $2,906,000 after purchasing an additional 46,783 shares in the last quarter. Finally, State Street Corp boosted its stake in RxSight by 8.3% in the 3rd quarter. State Street Corp now owns 817,671 shares of the company’s stock worth $40,417,000 after purchasing an additional 62,349 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.