Bank of America Reiterates “Underperform” Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “underperform” rating reaffirmed by equities researchers at Bank of America in a research note issued to investors on Thursday, Marketbeat.com reports. They presently have a $22.00 price target on the stock, down from their prior price target of $36.00. Bank of America‘s price target points to a potential upside of 35.30% from the stock’s previous close.

A number of other analysts have also commented on the stock. UBS Group assumed coverage on shares of RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Stifel Nicolaus cut their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their target price on 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 reissued a “buy” rating and set a $43.00 price target on shares of RxSight in a research report on Thursday. Finally, Wells Fargo & Company lowered 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. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $43.78.

RxSight Trading Up 0.3 %

RXST stock opened at $16.26 on Thursday. The stock has a 50-day moving average price of $28.12 and a two-hundred day moving average price of $38.03. RxSight has a 1 year low of $14.37 and a 1 year high of $66.54. The stock has a market cap of $658.38 million, a PE ratio of -19.59 and a beta of 1.22.

RxSight (NASDAQ:RXST) last announced its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). The firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. On average, analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at RxSight

In related news, Director Jesse Anderson Corley bought 1,443 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the purchase, the director now owns 1,443 shares in the company, valued at $44,992.74. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tamara Fountain sold 7,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction of $179,970.00. Following the completion of the transaction, the director now owns 24,793 shares in the company, valued at approximately $637,428.03. This trade represents a 22.02 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of institutional investors have recently made changes to their positions in RXST. Quarry LP increased its stake in shares of RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after purchasing an additional 288 shares during the period. Private Trust Co. NA bought a new position in RxSight during the 4th quarter worth $34,000. State of Wyoming acquired a new stake in shares of RxSight during the fourth quarter worth $37,000. Coppell Advisory Solutions LLC boosted its position in shares of 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 acquiring an additional 672 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of RxSight in the fourth quarter valued at about $46,000. Institutional investors own 78.78% of the company’s stock.

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.