JPMorgan Chase & Co. Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $62.00 to $40.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 41.04% from the company's current price.

A number of other research analysts also recently commented on the stock. Stifel Nicolaus lowered their price objective on shares of RxSight from $35.00 to $33.00 and set a "hold" rating on the stock in a research report on Wednesday. Needham & Company LLC reissued a "buy" rating and set a $43.00 target price on shares of RxSight in a research note on Wednesday. Wells Fargo & Company dropped their price target on shares of RxSight from $40.00 to $35.00 and set an "equal weight" rating on the stock in a research note on Wednesday. UBS Group began coverage on RxSight in a research report on Friday, December 6th. They set a "buy" rating and a $52.00 price objective for the company. Finally, Jefferies Financial Group assumed coverage on RxSight in a research note on Tuesday, October 29th. They issued a "buy" rating and a $72.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $51.63.

Remove Ads

RxSight Trading Up 0.5 %

NASDAQ:RXST traded up $0.15 during trading hours on Wednesday, hitting $28.36. 620,965 shares of the stock traded hands, compared to its average volume of 634,789. The firm has a 50 day moving average price of $32.31 and a 200 day moving average price of $43.05. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -34.17 and a beta of 1.19. RxSight has a fifty-two week low of $26.29 and a fifty-two week high of $66.54.

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

Insider Buying and Selling at RxSight

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

Hedge Funds Weigh In On RxSight

A number of institutional investors have recently modified their holdings of the company. RA Capital Management L.P. raised its position in shares of RxSight by 6.0% in the third quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company's stock valued at $193,609,000 after purchasing an additional 222,000 shares during the period. Vanguard Group Inc. raised its position in shares of RxSight by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company's stock valued at $81,946,000 after purchasing an additional 96,464 shares during the period. Bank of America Corp DE raised its position in shares of 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 shares of 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 shares of 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. Institutional investors own 78.78% of the company's stock.

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.