Wells Fargo & Company Reaffirms “Equal Weight” Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “equal weight” rating restated by Wells Fargo & Company in a research note issued on Wednesday, MarketBeat Ratings reports. They currently have a $42.00 price objective on the stock, down from their previous price objective of $56.00. Wells Fargo & Company‘s target price would suggest a potential upside of 17.02% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. UBS Group assumed coverage on RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. Finally, Jefferies Financial Group started coverage on shares of RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.13.

RxSight Price Performance

Shares of RXST stock opened at $35.89 on Wednesday. The stock’s fifty day moving average price is $47.21 and its 200 day moving average price is $51.02. RxSight has a 1-year low of $34.92 and a 1-year high of $66.54. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -43.24 and a beta of 1.11.

Insider Transactions at RxSight

In related news, Director Jesse Anderson Corley bought 11,111 shares of the stock in a transaction dated Tuesday, November 12th. The shares were purchased at an average price of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the purchase, the director now directly owns 468,571 shares of the company’s stock, valued at $21,259,066.27. This represents a 2.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ilya Goldshleger sold 4,875 shares of RxSight stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $46.00, for a total value of $224,250.00. Following the transaction, the insider now owns 42,246 shares of the company’s stock, valued at approximately $1,943,316. This represents a 10.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,807 shares of company stock worth $3,202,275 over the last 90 days. 9.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RxSight

Several large investors have recently made changes to their positions in RXST. Brown Capital Management LLC purchased a new position in RxSight in the third quarter valued at $26,813,000. Point72 Asset Management L.P. increased its stake in shares of RxSight by 610.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock valued at $22,094,000 after purchasing an additional 384,041 shares in the last quarter. Marshall Wace LLP acquired a new position in RxSight in the 2nd quarter worth about $19,512,000. Driehaus Capital Management LLC boosted its position in RxSight by 74.9% during the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock worth $42,490,000 after purchasing an additional 302,367 shares in the last quarter. Finally, Baillie Gifford & Co. grew its holdings in RxSight by 438.8% in the second quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock valued at $21,554,000 after purchasing an additional 291,733 shares during the period. 78.78% of the stock is currently 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.