RxSight’s (RXST) Underperform Rating Reaffirmed at Bank of America

Bank of America reaffirmed their underperform rating on shares of RxSight (NASDAQ:RXST) in a research report released on Thursday, MarketBeat reports. They currently have a $22.00 target price on the stock, down from their previous target price of $36.00.

Several other equities analysts have also weighed in on RXST. JPMorgan Chase & Co. cut their price objective on shares of 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 reduced their price target on RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research 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 Thursday. Stifel Nicolaus cut their target price on RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a research note on Wednesday, March 19th. Finally, UBS Group started coverage on RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $43.78.

RxSight Stock Performance

NASDAQ RXST opened at $16.26 on Thursday. RxSight has a 52 week low of $14.37 and a 52 week high of $66.54. The stock has a market capitalization of $658.38 million, a P/E ratio of -19.59 and a beta of 1.26. The stock has a fifty day moving average of $28.12 and a 200-day moving average of $37.90.

RxSight (NASDAQ:RXST) last announced 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 firm 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%. Equities research analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jesse Anderson Corley purchased 1,443 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the acquisition, the director now directly owns 1,443 shares in the company, valued at approximately $44,992.74. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value of $108,631.53. Following the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RxSight

Institutional investors have recently bought and sold shares of the company. RA Capital Management L.P. raised its holdings in shares of RxSight by 6.0% in the third quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock valued at $193,609,000 after purchasing an additional 222,000 shares during the last quarter. Vanguard Group Inc. grew its position in RxSight by 4.2% in the fourth 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 in the last quarter. Bank of America Corp DE increased its stake in RxSight by 23.7% in 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 buying an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in RxSight by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock worth $53,345,000 after buying an additional 381,389 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 worth $28,568,000 after buying an additional 13,641 shares during the last quarter. Institutional investors own 78.78% of the company’s stock.

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.