RxSight (NASDAQ:RXST) Reaches New 12-Month Low on Analyst Downgrade

RxSight, Inc. (NASDAQ:RXST) hit a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $35.00 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. RxSight traded as low as $14.37 and last traded at $14.60, with a volume of 1416100 shares changing hands. The stock had previously closed at $26.12.

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

Insider Buying and Selling at RxSight

In other RxSight news, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the sale, the director now directly owns 24,793 shares of the company’s stock, valued at $637,428.03. This trade represents a 22.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Trading of RxSight

Hedge funds have recently made changes to their positions in the company. Quarry LP lifted its holdings in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after acquiring an additional 288 shares during the last quarter. Mountain Capital Investment Advisors Inc. lifted its position in RxSight by 3.8% in the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after buying an additional 320 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of RxSight by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock valued at $1,034,000 after acquiring an additional 399 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of RxSight by 1.7% in the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock valued at $914,000 after acquiring an additional 445 shares during the period. Finally, MCIA Inc lifted its holdings in shares of RxSight by 5.7% in the 3rd quarter. MCIA Inc now owns 8,459 shares of the company’s stock worth $385,000 after acquiring an additional 459 shares during the last quarter. Hedge funds and other institutional investors own 78.78% of the company’s stock.

RxSight Stock Performance

The stock’s 50-day moving average is $28.77 and its two-hundred day moving average is $38.46. The stock has a market cap of $605.95 million, a PE ratio of -17.90 and a beta of 1.22.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data 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). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $40.21 million during the quarter, compared to analysts’ expectations of $40.23 million. Analysts forecast that RxSight, Inc. will post -0.7 EPS for the current 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.