Wells Fargo & Company Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST - Get Free Report) had its price target reduced by equities research analysts at Wells Fargo & Company from $40.00 to $35.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 23.41% from the company's previous close.

RXST has been the subject of a number of other research reports. Needham & Company LLC reissued a "buy" rating and issued a $43.00 price objective on shares of RxSight in a report on Wednesday. Stifel Nicolaus reduced their price target on shares of RxSight from $40.00 to $35.00 and set a "hold" rating on the stock in a research report on Monday, January 13th. UBS Group started coverage on shares of RxSight in a research report on Friday, December 6th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Jefferies Financial Group started coverage on RxSight in a report on Tuesday, October 29th. They set a "buy" rating and a $72.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $51.63.

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RxSight Stock Up 0.5 %

RXST traded up $0.15 during trading on Wednesday, reaching $28.36. The company's stock had a trading volume of 620,965 shares, compared to its average volume of 634,789. RxSight has a 1 year low of $26.29 and a 1 year high of $66.54. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -34.17 and a beta of 1.19. The firm has a fifty day simple moving average of $32.31 and a two-hundred day simple moving average of $43.10.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) EPS 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 company had revenue of $40.21 million for the quarter, compared to analysts' expectations of $40.23 million. As a group, equities analysts forecast that RxSight will post -0.7 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of RxSight

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company's stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Quarry LP grew its stake in RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company's stock worth $32,000 after acquiring an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new stake in RxSight in the third quarter valued at approximately $34,000. Private Trust Co. NA purchased a new position in shares of RxSight in the 4th quarter worth $34,000. Finally, State of Wyoming purchased a new position in RxSight in the 4th quarter worth approximately $37,000. 78.78% of the stock is 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.