Chart Of The Day: RxSight - Cashing In On Cataracts

The Chart of the Day belongs to the ophthalmic devices company RxSight (RXST).  I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart  feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 1/ 8 the stock gained 22.96%.

(Click on image to enlarge)

RXST Price vs Daily Moving Averages

RxSight, Inc., an ophthalmic 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. The company's RxSight system includes RxSight light delivery device, an office-based light treatment device that delivers UV light in a programmed pattern to modify the LAL based on the visual correction needed to achieve desired vision after cataract surgery. It primarily serves cataract doctors. The company was formerly known as Calhoun Vision, Inc. and changed its name to RxSight, Inc. in February 2017. RxSight, Inc. was incorporated in 1997 and is headquartered in Aliso Viejo, California.

Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.

 

Barchart Technical Indicators:

  • 100% technical buy signals
  • 264.50+ Weighted Alpha
  • 324.22% gain in the last year
  • Trend Seeker buy signal
  • Above its 20, 50 and 100 day moving averages
  • 9 new highs and up 11.85% in the last month
  • Relative Strength Index 63.06%
  • Technical support level at $54.13
  • Recently traded at $55.70 with 50 day moving average of $47.06

 

Fundamental Factors:

  • Market Cap 2.01 billion
  • Wall Street projects Revenue will grow 47.60% this year and grow another 32.40% next year
  • Earnings are estimated to increase 33.30% this year, increase an additional 26.60% next year and continue to compound at an annual rate of 19.00% for the next 5 years

Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:

  • Wall Street analysts issued 5 strong buy, and 3 buy recommendations this month
  • Analysts price targets are $36 to $64 - consensus price target $58
  • Value Line rates the stock it's above average rating of 2 
  • CFRAs MarketScope has a hold rating

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Disclosure: On the date of publication, Jim Van Meerten did not have (either directly or ...

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