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

RxSight, Inc. (NASDAQ:RXST) 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 traded. The stock had previously closed at $24.85.

Several other research firms also recently commented on RXST. Wells Fargo & Company reduced their price objective on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Needham & Company LLC reiterated a “buy” rating and issued a $43.00 price objective on shares of RxSight in a report on Wednesday, February 26th. UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective for the company. JPMorgan Chase & Co. cut their price target on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price target on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, RxSight currently has an average rating of “Moderate Buy” and a consensus target price of $49.33.

Insider Buying and Selling

In other RxSight news, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value 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 legal filing with the SEC, which is available through the SEC website. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction 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 purchase, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is owned by insiders.

Institutional Trading of RxSight

A number of large investors have recently added to or reduced their stakes in the company. RA Capital Management L.P. increased its stake in RxSight by 6.0% in the 3rd quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock worth $193,609,000 after acquiring an additional 222,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of RxSight by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock valued at $81,946,000 after purchasing an additional 96,464 shares during the last quarter. Bank of America Corp DE increased its position in shares of RxSight by 23.7% during the 4th quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock valued at $74,258,000 after purchasing an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of RxSight by 32.6% during the 4th 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. Finally, Geode Capital Management LLC increased its position in shares of RxSight by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 830,758 shares of the company’s stock valued at $28,568,000 after purchasing an additional 13,641 shares during the last quarter. Institutional investors own 78.78% of the company’s stock.

RxSight Trading Down 0.2 %

The stock has a market cap of $1.01 billion, a P/E ratio of -29.93 and a beta of 1.22. The company has a 50-day moving average price of $29.63 and a two-hundred day moving average price of $40.14.

RxSight (NASDAQ:RXST) last released its earnings results 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 net margin of 23.92% and a negative return on equity of 14.00%. As a group, equities analysts forecast that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

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.