Wells Fargo & Company Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST - Get Free Report) had its target price dropped by stock analysts at Wells Fargo & Company from $35.00 to $22.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 35.25% from the stock's current price.

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

RxSight Trading Down 2.1 %

Shares of RxSight stock traded down $0.34 during mid-day trading on Thursday, hitting $16.27. 526,884 shares of the stock were exchanged, compared to its average volume of 585,954. The stock has a market capitalization of $658.63 million, a price-to-earnings ratio of -19.64 and a beta of 1.26. RxSight has a twelve month low of $14.37 and a twelve month high of $66.54. The company has a 50-day simple moving average of $27.80 and a 200 day simple moving average of $37.53.

RxSight (NASDAQ:RXST - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $40.23 million. Equities research analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the sale, the director now owns 24,793 shares of the company's stock, valued at $637,428.03. The trade was a 22.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the business's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at $227,913.21. This represents a 32.28 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently bought and sold shares of RXST. Summit Global Investments grew its position in shares of RxSight by 24.7% during the first quarter. Summit Global Investments now owns 8,393 shares of the company's stock worth $212,000 after buying an additional 1,664 shares in the last quarter. GAMMA Investing LLC boosted its stake in RxSight by 12,990.8% during the 1st quarter. GAMMA Investing LLC now owns 8,509 shares of the company's stock valued at $215,000 after acquiring an additional 8,444 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in RxSight during the 4th quarter worth $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of RxSight by 23.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company's stock worth $2,921,000 after purchasing an additional 16,140 shares during the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of RxSight by 138.9% in the 4th quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company's stock valued at $12,570,000 after purchasing an additional 212,599 shares in the last quarter. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

RxSight Company Profile

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.