RxSight (NASDAQ:RXST) Earns "Underperform" Rating from Bank of America

RxSight (NASDAQ:RXST - Get Free Report)'s stock had its "underperform" rating restated by stock analysts at Bank of America in a research note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $22.00 price target on the stock, down from their prior price target of $36.00. Bank of America's price objective indicates a potential upside of 35.25% from the company's previous close.

RXST has been the subject of a number of other reports. Needham & Company LLC reaffirmed a "buy" rating and set a $43.00 price objective on shares of RxSight in a research note on Thursday, April 3rd. UBS Group initiated 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. Wells Fargo & Company lowered their price objective on shares of RxSight from $40.00 to $35.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 26th. 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. Finally, Stifel Nicolaus lowered their price target on RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $43.78.

RxSight Stock Down 2.1 %

NASDAQ:RXST traded down $0.34 during trading hours on Thursday, reaching $16.27. 526,884 shares of the company's stock were exchanged, compared to its average volume of 585,954. The company has a market capitalization of $658.63 million, a P/E ratio of -19.64 and a beta of 1.26. RxSight has a 12 month low of $14.37 and a 12 month high of $66.54. The business's 50-day simple moving average is $27.80 and its two-hundred day simple moving average is $37.53.

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). The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. As a group, sell-side analysts anticipate that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Activity at RxSight

In other news, 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 transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average cost of $31.18 per share, with a total value of $44,992.74. Following the purchase, the director now owns 1,443 shares in the company, valued at $44,992.74. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 9.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Several institutional investors have recently bought and sold shares of the stock. Quarry LP increased its holdings in shares of RxSight by 82.3% during 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 last quarter. Private Trust Co. NA bought a new stake in RxSight during the fourth quarter worth approximately $34,000. State of Wyoming acquired a new position in RxSight during the fourth quarter valued at approximately $37,000. Coppell Advisory Solutions LLC raised its position in shares of RxSight by 108.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after purchasing an additional 672 shares during the period. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of RxSight in the fourth quarter worth $46,000. 78.78% of the stock is currently owned by 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.