RxSight (NASDAQ:RXST) Hits New 52-Week Low on Analyst Downgrade

RxSight, Inc. (NASDAQ:RXST) reached a new 52-week low during mid-day trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $33.00 to $28.00. Stifel Nicolaus currently has a hold rating on the stock. RxSight traded as low as $24.38 and last traded at $24.98, with a volume of 79700 shares trading hands. The stock had previously closed at $24.85.

Several other research analysts have also commented on RXST. Wells Fargo & Company cut 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 reaffirmed a “buy” rating and issued a $43.00 target price on shares of RxSight in a report on Wednesday, February 26th. 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 report on Wednesday, February 26th. Finally, UBS Group assumed coverage on shares of RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Insiders Place Their Bets

In related news, Director Shweta Maniar sold 3,519 shares of RxSight stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the completion of the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jesse Anderson Corley bought 1,443 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were purchased at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the transaction, the director now owns 1,443 shares of the company’s stock, valued at $44,992.74. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased 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 in the last quarter. Victory Capital Management Inc. grew its position in shares of RxSight by 21.0% in the third quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock valued at $12,845,000 after purchasing an additional 45,161 shares during the last quarter. Barclays PLC increased its stake in shares of RxSight by 389.8% during the 3rd quarter. Barclays PLC now owns 58,786 shares of the company’s stock worth $2,906,000 after purchasing an additional 46,783 shares in the last quarter. State Street Corp raised its position in shares of RxSight by 8.3% during the 3rd quarter. State Street Corp now owns 817,671 shares of the company’s stock worth $40,417,000 after purchasing an additional 62,349 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in RxSight by 28.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 285,329 shares of the company’s stock valued at $14,104,000 after buying an additional 62,507 shares in the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

RxSight Stock Performance

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -30.12 and a beta of 1.22. The business has a fifty day simple moving average of $29.99 and a 200 day simple moving average of $40.47.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). The company had revenue of $40.21 million for the quarter, compared to analysts’ expectations of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. On average, equities research analysts anticipate that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

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.