RxSight (NASDAQ:RXST) Hits New 52-Week Low on Analyst Downgrade

Shares of RxSight, Inc. (NASDAQ:RXST) hit a new 52-week low during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $33.00 to $28.00. Stifel Nicolaus currently has a hold rating on the stock. RxSight traded as low as $24.38 and last traded at $24.98, with a volume of 79700 shares traded. The stock had previously closed at $24.85.

A number of other analysts have also commented on RXST. Needham & Company LLC reissued a “buy” rating and issued a $43.00 price objective on shares of RxSight in a research report on Wednesday, February 26th. Wells Fargo & Company cut their price objective on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their price objective on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Finally, UBS Group started coverage on shares of RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.00.

Insiders Place Their Bets

In related news, Director Jesse Anderson Corley acquired 1,443 shares of the company’s 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 completion of the transaction, the director now directly owns 1,443 shares of the company’s stock, valued at $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Tamara Fountain sold 7,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the transaction, the director now directly owns 24,793 shares in the company, valued at $637,428.03. The trade was a 22.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

Several large investors have recently modified their holdings of RXST. Brown Capital Management LLC bought a new position in shares of RxSight in the third quarter valued at about $26,813,000. Royal Bank of Canada grew its stake in shares of RxSight by 3,094.6% in the fourth quarter. Royal Bank of Canada now owns 508,491 shares of the company’s stock valued at $17,481,000 after acquiring an additional 492,574 shares in the last quarter. DF Dent & Co. Inc. bought a new position in RxSight during the fourth quarter worth about $14,524,000. Bank of America Corp DE increased its position in RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after acquiring an additional 413,737 shares during the period. Finally, Point72 Asset Management L.P. increased its position in RxSight by 610.2% during the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock worth $22,094,000 after acquiring an additional 384,041 shares during the period. 78.78% of the stock is owned by institutional investors.

RxSight Price Performance

The firm has a market capitalization of $1.01 billion, a P/E ratio of -30.00 and a beta of 1.22. The business’s 50-day moving average is $29.80 and its 200 day moving average is $40.36.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. Analysts anticipate that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

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.