RxSight (NASDAQ:RXST) Downgraded by UBS Group to Neutral

UBS Group downgraded shares of RxSight (NASDAQ:RXST - Free Report) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports. UBS Group currently has $16.00 price objective on the stock, down from their prior price objective of $45.00.

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

RxSight Stock Performance

NASDAQ:RXST traded up $0.11 during mid-day trading on Wednesday, hitting $14.19. The company had a trading volume of 244,726 shares, compared to its average volume of 603,680. RxSight has a fifty-two week low of $13.50 and a fifty-two week high of $66.54. The firm has a market cap of $574.57 million, a P/E ratio of -17.10 and a beta of 1.26. The business's fifty day moving average is $25.63 and its two-hundred day moving average is $36.13.

RxSight (NASDAQ:RXST - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $40.23 million. Equities analysts forecast that RxSight will post -0.7 earnings per share for the current year.

Insider Activity

In other news, Director Jesse Anderson Corley bought 1,443 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the acquisition, the director now owns 1,443 shares in the company, valued at $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value of $179,970.00. Following the transaction, the director now owns 24,793 shares of the company's stock, valued at $637,428.03. The trade was a 22.02 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Trading of RxSight

A number of hedge funds have recently made changes to their positions in the business. Quarry LP raised its stake in RxSight by 82.3% in the 3rd 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. Mountain Capital Investment Advisors Inc. raised its position 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 valued at $302,000 after purchasing an additional 320 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of RxSight by 1.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company's stock worth $1,034,000 after buying an additional 399 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of RxSight by 1.7% during the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company's stock worth $914,000 after buying an additional 445 shares during the period. Finally, Legal & General Group Plc grew its stake in RxSight by 1.2% in the 4th quarter. Legal & General Group Plc now owns 42,445 shares of the company's stock valued at $1,459,000 after buying an additional 512 shares during the last quarter. 78.78% of the stock is 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.