Wells Fargo & Company Cuts RxSight (NASDAQ:RXST) Price Target to $35.00

RxSight (NASDAQ:RXST) had its price target cut by Wells Fargo & Company from $40.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus cut their price target on RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a report on Monday, January 13th. Jefferies Financial Group assumed coverage on RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 price target on shares of RxSight in a report on Wednesday. Finally, UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.63.

RxSight Stock Performance

Shares of NASDAQ:RXST opened at $28.36 on Wednesday. RxSight has a 52 week low of $26.29 and a 52 week high of $66.54. The company’s fifty day moving average is $32.31 and its 200-day moving average is $43.10. The company has a market capitalization of $1.14 billion, a PE ratio of -34.17 and a beta of 1.19.

RxSight (NASDAQ:RXST) last issued its 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 firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. On average, analysts forecast that RxSight will post -0.7 EPS for the current year.

Insiders Place Their Bets

In other news, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jesse Anderson Corley purchased 1,443 shares of the stock in a transaction dated Wednesday, January 15th. The stock was bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the completion of the purchase, the director now owns 1,443 shares in the company, valued at $44,992.74. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of RxSight by 17.7% in 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 during the last quarter. Victory Capital Management Inc. grew its position in shares of RxSight by 21.0% in the 3rd 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 period. Baillie Gifford & Co. grew its position in shares of RxSight by 17.0% in the 3rd quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock valued at $20,711,000 after purchasing an additional 60,789 shares during the period. Barclays PLC grew its position in shares of RxSight by 389.8% in the 3rd quarter. Barclays PLC now owns 58,786 shares of the company’s stock valued at $2,906,000 after purchasing an additional 46,783 shares during the period. Finally, State Street Corp grew its position in shares of RxSight by 8.3% in the 3rd quarter. State Street Corp now owns 817,671 shares of the company’s stock valued at $40,417,000 after purchasing an additional 62,349 shares during the period. 78.78% of the stock is 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.