RxSight (NASDAQ:RXST) Cut to “Neutral” at UBS Group

RxSight (NASDAQ:RXST) was downgraded by analysts at UBS Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $16.00 price objective on the stock, down from their prior price objective of $45.00. UBS Group’s target price indicates a potential upside of 12.76% from the stock’s current price.

A number of other brokerages have also recently weighed in on RXST. Needham & Company LLC restated a “buy” rating and issued a $43.00 price objective on shares of RxSight in a report on Thursday, April 3rd. Bank of America reiterated an “underperform” rating and issued a $22.00 price objective (down from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Wells Fargo & Company lowered their price target on RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, April 3rd. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $17.00 price objective (down previously from $40.00) on shares of RxSight in a report on Friday, April 4th. Finally, Stifel Nicolaus reduced their price target on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.78.

RxSight Price Performance

Shares of RxSight stock opened at $14.19 on Wednesday. RxSight has a one year low of $14.02 and a one year high of $66.54. The business’s 50 day simple moving average is $26.03 and its two-hundred day simple moving average is $36.46. The stock has a market capitalization of $574.57 million, a P/E ratio of -17.10 and a beta of 1.26.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 23.92% and a negative return on equity of 14.00%. Sell-side analysts expect that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Tamara Fountain sold 7,000 shares of the business’s 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 transaction, the director now directly owns 24,793 shares in the company, valued at approximately $637,428.03. The trade was a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jesse Anderson Corley bought 1,443 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was bought at an average price of $31.18 per share, with a total value of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares in the company, valued at $44,992.74. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is owned by corporate insiders.

Institutional Trading of RxSight

Several institutional investors and hedge funds have recently bought and sold shares of RXST. Quarry LP grew its stake in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after acquiring an additional 288 shares in the last quarter. Private Trust Co. NA acquired a new stake in shares of RxSight during the fourth quarter worth about $34,000. State of Wyoming acquired a new position in RxSight during the fourth quarter worth approximately $37,000. Coppell Advisory Solutions LLC increased its holdings in shares of RxSight by 108.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock valued at $44,000 after acquiring an additional 672 shares during the period. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of RxSight in the fourth quarter valued at about $46,000. 78.78% of the stock is currently owned by hedge funds and other 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.