Bank of America Cuts RxSight (NASDAQ:RXST) Price Target to $36.00

RxSight (NASDAQ:RXST) had its price objective trimmed by Bank of America from $60.00 to $36.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $43.00 price target on shares of RxSight in a report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their target price on RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company decreased their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Stifel Nicolaus decreased 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 report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, RxSight presently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

RxSight Trading Down 0.2 %

RXST stock opened at $24.84 on Friday. The stock has a market capitalization of $1.01 billion, a PE ratio of -29.93 and a beta of 1.22. RxSight has a 12-month low of $24.09 and a 12-month high of $66.54. The stock’s 50 day simple moving average is $29.63 and its 200 day simple moving average is $39.95.

RxSight (NASDAQ:RXST) last released its quarterly 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 firm 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%. On average, research analysts predict that RxSight will post -0.7 earnings per share for the current year.

Insider Buying and Selling at RxSight

In related news, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction on Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the completion of the purchase, the director now directly owns 1,443 shares of the company’s stock, valued at $44,992.74. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Tamara Fountain sold 7,000 shares of the business’s 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 directly owns 24,793 shares in the company, valued at $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.

Institutional Investors Weigh In On RxSight

Several large investors have recently added to or reduced their stakes in RXST. Principal Financial Group Inc. increased its stake in RxSight by 0.7% during the third quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock worth $1,782,000 after acquiring an additional 240 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of RxSight by 15.6% during the third quarter. Oppenheimer & Co. Inc. now owns 6,099 shares of the company’s stock valued at $301,000 after buying an additional 823 shares during the period. KBC Group NV boosted its position in shares of RxSight by 63.6% during the third quarter. KBC Group NV now owns 1,232 shares of the company’s stock valued at $61,000 after buying an additional 479 shares during the period. Thrivent Financial for Lutherans purchased a new position in shares of RxSight during the third quarter valued at approximately $11,350,000. Finally, Quest Partners LLC boosted its position in shares of RxSight by 346.1% during the third quarter. Quest Partners LLC now owns 3,069 shares of the company’s stock valued at $152,000 after buying an additional 2,381 shares during the period. 78.78% of the stock is 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.