Needham & Company LLC Increases RxSight (NASDAQ:RXST) Price Target to $75.00

RxSight (NASDAQ:RXST) had its price objective increased by analysts at Needham & Company LLC from $64.00 to $75.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 19.35% from the company’s current price.

Several other analysts have also recently commented on RXST. BTIG Research raised their price target on shares of RxSight from $61.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of RxSight from $40.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Stifel Nicolaus upped their price target on shares of RxSight from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Oppenheimer increased their price objective on RxSight from $54.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $56.00.

RxSight Stock Up 1.9 %

Shares of NASDAQ:RXST opened at $62.84 on Tuesday. The company’s fifty day moving average is $52.73 and its two-hundred day moving average is $43.06. The company has a market cap of $2.32 billion, a P/E ratio of -43.94 and a beta of 1.21. RxSight has a 12-month low of $18.35 and a 12-month high of $64.92.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.10. The business had revenue of $28.58 million for the quarter, compared to the consensus estimate of $28.60 million. RxSight had a negative return on equity of 31.16% and a negative net margin of 54.57%. Equities research analysts anticipate that RxSight will post -0.94 earnings per share for the current year.

Insider Activity at RxSight

In related news, CEO Ronald M. Md Kurtz sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the transaction, the chief executive officer now owns 764,610 shares of the company’s stock, valued at $45,991,291.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Shelley B. Thunen sold 10,000 shares of RxSight stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $56.37, for a total value of $563,700.00. Following the transaction, the chief financial officer now owns 13,691 shares of the company’s stock, valued at $771,761.67. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ronald M. Md Kurtz sold 40,000 shares of RxSight stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $60.15, for a total transaction of $2,406,000.00. Following the completion of the transaction, the chief executive officer now directly owns 764,610 shares in the company, valued at approximately $45,991,291.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,365 shares of company stock valued at $5,020,520. 21.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lisanti Capital Growth LLC grew its stake in shares of RxSight by 108.6% in the third quarter. Lisanti Capital Growth LLC now owns 123,205 shares of the company’s stock worth $3,436,000 after acquiring an additional 64,130 shares during the last quarter. Trexquant Investment LP grew its stake in shares of RxSight by 82.9% in the third quarter. Trexquant Investment LP now owns 47,230 shares of the company’s stock worth $1,317,000 after acquiring an additional 21,401 shares during the last quarter. Vanguard Group Inc. boosted its stake in RxSight by 21.6% during the third quarter. Vanguard Group Inc. now owns 1,433,953 shares of the company’s stock worth $39,993,000 after buying an additional 255,150 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in RxSight by 263.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 243,346 shares of the company’s stock worth $6,787,000 after buying an additional 176,451 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in RxSight by 17.3% during the third quarter. Artisan Partners Limited Partnership now owns 2,437,765 shares of the company’s stock worth $67,989,000 after buying an additional 359,295 shares in the last quarter. Institutional investors and hedge funds 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.