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

RxSight, Inc. (NASDAQ:RXST - Get Free Report)'s share price reached a new 52-week low during trading on Thursday after Bank of America lowered their price target on the stock from $60.00 to $36.00. Bank of America currently has a buy rating on the stock. RxSight traded as low as $24.38 and last traded at $24.98, with a volume of 79700 shares changing hands. The stock had previously closed at $24.85.

A number of other brokerages have also recently issued reports on RXST. Needham & Company LLC reaffirmed a "buy" rating and issued a $43.00 target price on shares of RxSight in a report on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on RxSight from $40.00 to $35.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. 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 report 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 report on Wednesday, March 19th. Finally, UBS Group started coverage on RxSight in a research note on Friday, December 6th. They set a "buy" rating and a $52.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, RxSight currently has an average rating of "Moderate Buy" and an average target price of $49.33.

Insider Transactions at RxSight

In other RxSight news, Director Jesse Anderson Corley bought 1,443 shares of the company's stock in a transaction that occurred on 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 completion of the purchase, the director now owns 1,443 shares of the company's stock, valued at $44,992.74. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tamara Fountain sold 7,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was 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. The trade was a 22.02 % 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.

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Hedge Funds Weigh In On RxSight

Large investors have recently bought and sold shares of the stock. Quarry LP grew its stake 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 buying an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new stake in RxSight during the third quarter valued at about $34,000. Private Trust Co. NA acquired a new stake in RxSight during the fourth quarter worth about $34,000. State of Wyoming acquired a new stake in RxSight during the fourth quarter worth about $37,000. Finally, Coppell Advisory Solutions LLC raised its holdings in shares of RxSight by 108.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock worth $44,000 after purchasing an additional 672 shares during the period. Hedge funds and other institutional investors own 78.78% of the company's stock.

RxSight Trading Up 0.3 %

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -30.02 and a beta of 1.22. The firm has a 50 day moving average price of $29.51 and a two-hundred day moving average price of $39.75.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share 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 business had revenue of $40.21 million for the quarter, compared to analyst estimates of $40.23 million. As a group, research 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.