Wells Fargo & Company Cuts RxSight (NASDAQ:RXST) Price Target to $22.00

RxSight (NASDAQ:RXST) had its price objective trimmed by Wells Fargo & Company from $35.00 to $22.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms also recently weighed in on RXST. JPMorgan Chase & Co. dropped their target price on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 price target on shares of RxSight in a research note on Thursday. Stifel Nicolaus cut their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday, March 19th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (down from $36.00) on shares of RxSight in a research note on Thursday. Finally, UBS Group started coverage on shares of RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.78.

RxSight Stock Performance

NASDAQ:RXST opened at $16.26 on Thursday. The firm has a market capitalization of $658.38 million, a price-to-earnings ratio of -19.59 and a beta of 1.26. The stock has a fifty day moving average of $28.12 and a 200 day moving average of $37.90. RxSight has a 52-week low of $14.37 and a 52-week high of $66.54.

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

Insider Activity

In other RxSight news, Director Jesse Anderson Corley bought 1,443 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were purchased 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tamara Fountain sold 7,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was 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 owns 24,793 shares of the company’s stock, valued at approximately $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.

Institutional Trading of RxSight

Hedge funds have recently made changes to their positions in the stock. Quarry LP increased its position in RxSight by 82.3% during the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares in the last quarter. Mountain Capital Investment Advisors Inc. grew its stake in shares of RxSight by 3.8% in the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock worth $302,000 after acquiring an additional 320 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of RxSight by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock valued at $1,034,000 after acquiring an additional 399 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of RxSight by 1.7% in the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock worth $914,000 after purchasing an additional 445 shares during the last quarter. Finally, MCIA Inc boosted its stake in RxSight by 5.7% in the 3rd quarter. MCIA Inc now owns 8,459 shares of the company’s stock worth $385,000 after purchasing an additional 459 shares in the last quarter. 78.78% of the stock is owned by institutional investors.

RxSight Company Profile

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.