Bank of America Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its target price decreased by analysts at Bank of America from $60.00 to $36.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 44.58% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $43.00 target price on shares of RxSight in a research report on Wednesday, February 26th. UBS Group began coverage on RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 target price for the company. Stifel Nicolaus lowered their target price on RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price target on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lowered their price objective 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. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.33.

RxSight Stock Performance

Shares of NASDAQ RXST opened at $24.90 on Friday. The business’s 50-day simple moving average is $29.80 and its 200-day simple moving average is $40.36. RxSight has a 52 week low of $24.38 and a 52 week high of $66.54. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -30.00 and a beta of 1.22.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) EPS 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 analyst estimates of $40.23 million. As a group, equities research analysts forecast that RxSight will post -0.7 earnings per share for the current year.

Insider Activity at RxSight

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 completion of the transaction, the director now owns 24,793 shares in the company, valued at approximately $637,428.03. This represents a 22.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction 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. The trade was 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 corporate insiders.

Institutional Investors Weigh In On RxSight

Several large investors have recently modified their holdings of RXST. Principal Financial Group Inc. boosted its stake in RxSight by 0.7% in the 3rd quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock valued at $1,782,000 after buying an additional 240 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings 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 acquiring an additional 823 shares during the period. KBC Group NV boosted its stake in shares of RxSight by 63.6% in the 3rd quarter. KBC Group NV now owns 1,232 shares of the company’s stock valued at $61,000 after purchasing an additional 479 shares in the last quarter. Thrivent Financial for Lutherans bought a new stake in shares of RxSight in the 3rd quarter worth about $11,350,000. Finally, Quest Partners LLC increased its position in shares of RxSight by 346.1% during the 3rd quarter. Quest Partners LLC now owns 3,069 shares of the company’s stock worth $152,000 after purchasing an additional 2,381 shares in the last quarter. 78.78% of the stock is currently owned by institutional investors.

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.