JPMorgan Chase & Co. Reiterates Underweight Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “underweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research report issued on Friday, Marketbeat reports. They currently have a $17.00 target price on the stock, down from their previous target price of $40.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 4.55% from the stock’s current price.

Several other brokerages also recently commented on RXST. Bank of America reaffirmed an “underperform” rating and issued a $22.00 price objective (down previously from $36.00) on shares of RxSight in a research report on Thursday. UBS Group started coverage on shares of RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of RxSight from $35.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $43.00 target price on shares of RxSight in a research note on Thursday. Finally, Stifel Nicolaus decreased their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.78.

RxSight Trading Up 0.3 %

RxSight stock opened at $16.26 on Friday. RxSight has a 12-month low of $14.37 and a 12-month high of $66.54. The firm has a 50-day moving average price of $28.12 and a 200-day moving average price of $37.90. The firm has a market capitalization of $658.38 million, a PE ratio of -19.59 and a beta of 1.26.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) earnings per share 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 firm had revenue of $40.21 million during the quarter, compared to analysts’ expectations of $40.23 million. As a group, sell-side analysts predict that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Shweta Maniar sold 3,519 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in RxSight by 17.7% during the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock valued at $40,398,000 after buying an additional 122,775 shares in the last quarter. Barclays PLC grew its stake in shares of RxSight by 389.8% during the third quarter. Barclays PLC now owns 58,786 shares of the company’s stock worth $2,906,000 after acquiring an additional 46,783 shares during the last quarter. State Street Corp increased its holdings in shares of RxSight by 8.3% during the third quarter. State Street Corp now owns 817,671 shares of the company’s stock valued at $40,417,000 after acquiring an additional 62,349 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of RxSight by 28.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 285,329 shares of the company’s stock valued at $14,104,000 after acquiring an additional 62,507 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of RxSight in the 4th quarter valued at approximately $69,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

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.