RxSight (NASDAQ:RXST) Sets New 1-Year Low on Analyst Downgrade

RxSight, Inc. (NASDAQ:RXST - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $35.00 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. RxSight traded as low as $14.37 and last traded at $14.60, with a volume of 1416100 shares trading hands. The stock had previously closed at $26.12.

Other equities analysts have also recently issued research reports about the stock. Bank of America reissued an "underperform" rating and set a $22.00 price objective (down previously from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. UBS Group began coverage on RxSight in a report on Friday, December 6th. They issued a "buy" rating and a $52.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on RxSight from $62.00 to $40.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Stifel Nicolaus lowered their target price on RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a research report on Wednesday, March 19th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $43.00 target price on shares of RxSight in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $43.78.

Insider Transactions at RxSight

In related 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 acquired at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares of the company's stock, valued at $44,992.74. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the firm's 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 transaction, the director now owns 7,383 shares in the company, valued at approximately $227,913.21. This trade represents a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.36% of the company's stock.

Institutional Trading of RxSight

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP boosted its position in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company's stock worth $32,000 after purchasing an additional 288 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of RxSight during the 4th quarter worth $34,000. State of Wyoming purchased a new position in shares of RxSight in the 4th quarter worth about $37,000. Coppell Advisory Solutions LLC grew its position in RxSight by 108.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after buying an additional 672 shares during the period. Finally, Arcadia Investment Management Corp MI purchased a new stake in RxSight during the fourth quarter worth about $46,000. 78.78% of the stock is owned by hedge funds and other institutional investors.

RxSight Stock Down 2.1 %

The firm has a market cap of $658.63 million, a P/E ratio of -19.64 and a beta of 1.26. The firm's 50-day simple moving average is $27.80 and its 200 day simple moving average is $37.53.

RxSight (NASDAQ:RXST - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $40.21 million for the quarter, compared to analysts' expectations of $40.23 million. As a group, analysts forecast that RxSight, Inc. will post -0.7 earnings per share for the current year.

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.