RxSight (NASDAQ:RXST) Price Target Lowered to $36.00 at Bank of America

RxSight (NASDAQ:RXST) had its price target lowered by analysts at Bank of America from $60.00 to $36.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 44.93% from the company’s current price.

Several other brokerages also recently commented on RXST. Wells Fargo & Company lowered their target price on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price objective on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Stifel Nicolaus decreased their price objective on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $43.00 price objective on shares of RxSight in a report on Wednesday, February 26th. Finally, UBS Group assumed coverage on shares of RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.33.

RxSight Price Performance

Shares of RXST stock opened at $24.84 on Friday. The firm has a 50-day moving average of $29.63 and a 200-day moving average of $40.05. The company has a market cap of $1.01 billion, a P/E ratio of -29.93 and a beta of 1.22. RxSight has a one year low of $24.09 and a one year high of $66.54.

RxSight (NASDAQ:RXST) last announced 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). The firm had revenue of $40.21 million during the quarter, compared to analysts’ expectations of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. As a group, research analysts expect that RxSight will post -0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the transaction, the director now directly owns 24,793 shares in the company, valued at approximately $637,428.03. This trade represents a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 7,383 shares of the company’s stock, valued at $227,913.21. This trade represents a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

Large investors have recently modified their holdings of the company. Quarry LP boosted its position in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after acquiring an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new stake in RxSight in the third quarter valued at approximately $34,000. Private Trust Co. NA purchased a new stake in RxSight in the fourth quarter valued at approximately $34,000. State of Wyoming purchased a new stake in RxSight in the fourth quarter valued at approximately $37,000. Finally, Coppell Advisory Solutions LLC raised its stake in RxSight by 108.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock valued at $44,000 after purchasing an additional 672 shares in the last quarter. 78.78% of the stock is currently owned by institutional investors.

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.