RxSight (NASDAQ:RXST) Sets New 52-Week Low After Analyst Downgrade

RxSight, Inc. (NASDAQ:RXST)’s share price hit a new 52-week low during 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 traded. The stock had previously closed at $26.12.

Several other equities analysts also recently issued reports on RXST. Stifel Nicolaus decreased their price objective 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. UBS Group initiated coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. JPMorgan Chase & Co. lowered their target price 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. Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 price objective on shares of RxSight in a research note on Thursday. Finally, Bank of America restated an “underperform” rating and set a $22.00 price objective (down previously from $36.00) on shares of RxSight in a research report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, RxSight presently has a consensus rating of “Moderate Buy” and an average price target of $46.33.

Insider Buying and Selling

In other 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 owns 7,383 shares of the company’s stock, valued at $227,913.21. The trade was a 32.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jesse Anderson Corley acquired 1,443 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired 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 directly owns 1,443 shares in the company, valued at approximately $44,992.74. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Quarry LP raised its position in shares of RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after buying an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of RxSight in the 3rd quarter worth about $34,000. Private Trust Co. NA acquired a new position in shares of RxSight in the 4th quarter valued at about $34,000. State of Wyoming purchased a new stake in shares of RxSight during the 4th quarter worth about $37,000. Finally, Coppell Advisory Solutions LLC raised its holdings in RxSight by 108.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock valued at $44,000 after buying an additional 672 shares during the period. Hedge funds and other institutional investors own 78.78% of the company’s stock.

RxSight Trading Down 42.7 %

The firm has a market cap of $605.95 million, a PE ratio of -17.90 and a beta of 1.22. The stock’s 50 day moving average price is $28.77 and its 200 day moving average price is $38.46.

RxSight (NASDAQ:RXST) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). The company had revenue of $40.21 million during 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%. Analysts forecast that RxSight, Inc. will post -0.7 earnings per share 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.