Needham & Company LLC Reaffirms "Buy" Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $43.00 target price on the stock. Needham & Company LLC's price target points to a potential upside of 160.84% from the company's previous close.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. reduced their target price on RxSight from $62.00 to $40.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Stifel Nicolaus decreased their price objective on RxSight from $33.00 to $28.00 and set a "hold" rating for the company in a research report on Wednesday, March 19th. Wells Fargo & Company lowered their target price on RxSight from $40.00 to $35.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 26th. UBS Group started coverage on shares of RxSight in a research report on Friday, December 6th. They issued a "buy" rating and a $52.00 price target for the company. Finally, Bank of America lowered their price objective on shares of RxSight from $60.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $43.78.

RxSight Stock Down 0.8 %

Shares of NASDAQ RXST traded down $0.13 during mid-day trading on Thursday, hitting $16.49. 453,663 shares of the company traded hands, compared to its average volume of 585,613. The business has a 50 day moving average of $27.80 and a two-hundred day moving average of $37.53. The stock has a market capitalization of $667.49 million, a price-to-earnings ratio of -19.84 and a beta of 1.26. RxSight has a 1 year low of $14.37 and a 1 year high of $66.54.

RxSight (NASDAQ:RXST - Get Free Report) last posted 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 net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $40.21 million for the quarter, compared to analysts' expectations of $40.23 million. As a group, research analysts anticipate that RxSight will post -0.7 EPS for the current year.

Insiders Place Their Bets

In related news, Director Tamara Fountain sold 7,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the sale, the director now directly owns 24,793 shares in the company, valued at approximately $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Shweta Maniar sold 3,519 shares of the firm's stock in a transaction dated 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. Insiders own 9.36% of the company's stock.

Institutional Investors Weigh In On RxSight

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in shares of RxSight by 3,094.6% in the fourth quarter. Royal Bank of Canada now owns 508,491 shares of the company's stock worth $17,481,000 after buying an additional 492,574 shares during the last quarter. DF Dent & Co. Inc. acquired a new position in RxSight during the 4th quarter worth $14,524,000. Bank of America Corp DE boosted its holdings in RxSight by 23.7% during 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 acquiring an additional 413,737 shares during the period. Point72 Asset Management L.P. boosted its holdings in RxSight by 610.2% during the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company's stock valued at $22,094,000 after acquiring an additional 384,041 shares during the period. Finally, Artisan Partners Limited Partnership grew 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 last quarter. 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.