RxSight (NASDAQ:RXST) Earns "Buy" Rating from Needham & Company LLC

RxSight (NASDAQ:RXST - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $43.00 price target on the stock. Needham & Company LLC's price objective would indicate a potential upside of 51.62% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. UBS Group initiated coverage on RxSight in a research note on Friday, December 6th. They issued a "buy" rating and a $52.00 price target on the stock. Stifel Nicolaus lowered their target price on RxSight from $40.00 to $35.00 and set a "hold" rating on the stock in a research report on Monday, January 13th. Jefferies Financial Group began coverage on RxSight in a research report on Tuesday, October 29th. They set a "buy" rating and a $72.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on RxSight from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $51.63.

RxSight Price Performance

RXST stock traded up $0.15 on Wednesday, reaching $28.36. 620,965 shares of the company traded hands, compared to its average volume of 634,789. RxSight has a one year low of $26.29 and a one year high of $66.54. The company has a market cap of $1.14 billion, a P/E ratio of -34.17 and a beta of 1.19. The firm has a fifty day simple moving average of $32.31 and a 200-day simple moving average of $43.10.

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RxSight (NASDAQ:RXST - Get Free Report) 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 net margin of 23.92% and a negative return on equity of 14.00%. The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. On average, sell-side analysts forecast that RxSight will post -0.7 EPS for the current year.

Insider Transactions at RxSight

In other news, Director Shweta Maniar sold 3,519 shares of the company's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the transaction, the director now directly owns 7,383 shares of the company's stock, valued at approximately $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jesse Anderson Corley bought 1,443 shares of RxSight stock in a transaction that occurred on Wednesday, January 15th. The stock was purchased at an average price of $31.18 per share, with a total value of $44,992.74. Following the purchase, the director now directly owns 1,443 shares in the company, valued at $44,992.74. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 9.36% of the company's stock.

Institutional Investors Weigh In On RxSight

A number of institutional investors have recently modified their holdings of the business. RA Capital Management L.P. boosted its holdings in RxSight by 6.0% in the 3rd quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company's stock worth $193,609,000 after buying an additional 222,000 shares during the last quarter. Vanguard Group Inc. raised its position in shares of RxSight by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company's stock valued at $81,946,000 after buying an additional 96,464 shares during the period. Bank of America Corp DE raised its position in RxSight by 23.7% in the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company's stock valued at $74,258,000 after purchasing an additional 413,737 shares during the period. Artisan Partners Limited Partnership raised its position in RxSight by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company's stock valued at $53,345,000 after purchasing an additional 381,389 shares during the period. Finally, Geode Capital Management LLC raised its position in RxSight by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 830,758 shares of the company's stock valued at $28,568,000 after purchasing an additional 13,641 shares during the period. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.