RxSight (NASDAQ:RXST) Cut to “Neutral” at UBS Group

UBS Group lowered shares of RxSight (NASDAQ:RXST) from a buy rating to a neutral rating in a report issued on Wednesday morning, Marketbeat.com reports. UBS Group currently has $16.00 target price on the stock, down from their prior target price of $45.00.

RXST has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 price target on shares of RxSight in a report on Thursday, April 3rd. Stifel Nicolaus decreased 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. Bank of America reiterated an “underperform” rating and set a $22.00 price target (down previously from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. JPMorgan Chase & Co. reissued an “underweight” rating and set a $17.00 price objective (down previously from $40.00) on shares of RxSight in a report on Friday, April 4th. Finally, Wells Fargo & Company lowered their target price on shares of RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $39.78.

RxSight Stock Performance

Shares of RXST opened at $14.08 on Wednesday. RxSight has a 52-week low of $13.50 and a 52-week high of $66.54. The stock’s 50-day simple moving average is $25.63 and its 200 day simple moving average is $36.22. The stock has a market capitalization of $570.11 million, a price-to-earnings ratio of -16.96 and a beta of 1.26.

RxSight (NASDAQ:RXST) last announced 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). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. On average, 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 Shweta Maniar sold 3,519 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the transaction, the director now owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. This trade represents a 32.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the transaction, the director now owns 24,793 shares in the company, valued at approximately $637,428.03. The trade was a 22.02 % 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 Inflows and Outflows

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in RxSight by 17.7% during the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock valued at $40,398,000 after acquiring an additional 122,775 shares during the period. Barclays PLC lifted its position in RxSight by 389.8% in the third quarter. Barclays PLC now owns 58,786 shares of the company’s stock valued at $2,906,000 after purchasing an additional 46,783 shares during the last quarter. State Street Corp boosted its stake in shares of RxSight by 8.3% during the third quarter. State Street Corp now owns 817,671 shares of the company’s stock valued at $40,417,000 after purchasing an additional 62,349 shares during the period. Global Retirement Partners LLC bought a new position in shares of RxSight in the fourth quarter worth approximately $69,000. Finally, JPMorgan Chase & Co. increased its stake in shares of RxSight by 4.1% in the third quarter. JPMorgan Chase & Co. now owns 192,510 shares of the company’s stock worth $9,516,000 after buying an additional 7,494 shares during the period. Hedge funds and other 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.