RxSight (NASDAQ:RXST) Price Target Cut to $22.00 by Analysts at Wells Fargo & Company

RxSight (NASDAQ:RXST) had its price objective lowered by Wells Fargo & Company from $35.00 to $22.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 39.51% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 19th. Bank of America reiterated an “underperform” rating and issued a $22.00 price objective (down previously from $36.00) on shares of RxSight in a report on Thursday. JPMorgan Chase & Co. dropped their target price on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $43.00 price target on shares of RxSight in a research report on Thursday. Finally, UBS Group assumed coverage on RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.33.

RxSight Trading Down 39.6 %

NASDAQ:RXST traded down $10.35 during trading hours on Thursday, hitting $15.77. 3,129,081 shares of the company were exchanged, compared to its average volume of 646,500. RxSight has a one year low of $14.37 and a one year high of $66.54. The stock has a market capitalization of $638.54 million, a price-to-earnings ratio of -19.00 and a beta of 1.22. The company has a fifty day simple moving average of $28.77 and a 200 day simple moving average of $38.46.

RxSight (NASDAQ:RXST) last issued its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.25). The firm had revenue of $40.21 million during 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%. Equities research analysts predict that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Tamara Fountain sold 7,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were 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 in the company, valued at $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of RxSight stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value 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 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 Trading of RxSight

Hedge funds and other institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. lifted its holdings in 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 acquiring an additional 222,000 shares during the last quarter. Vanguard Group Inc. increased its stake in RxSight by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock worth $81,946,000 after purchasing an additional 96,464 shares during the period. Bank of America Corp DE boosted its stake in shares of RxSight by 23.7% in the fourth 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 period. Artisan Partners Limited Partnership increased its stake 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 during the period. Finally, Geode Capital Management LLC lifted its holdings in 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 in the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

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.