Needham & Company LLC Reiterates “Buy” Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $43.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 164.45% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Bank of America decreased their target price on RxSight from $60.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Stifel Nicolaus reduced their price objective on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research report on Wednesday, March 19th. UBS Group started coverage on shares of RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Wells Fargo & Company cut their target price on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their price target 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. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $43.78.

RxSight Trading Up 0.3 %

RXST stock opened at $16.26 on Thursday. The firm’s 50-day moving average is $28.12 and its two-hundred day moving average is $38.03. The company has a market capitalization of $658.38 million, a price-to-earnings ratio of -19.59 and a beta of 1.22. RxSight has a 52 week low of $14.37 and a 52 week high of $66.54.

RxSight (NASDAQ:RXST) last announced 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). The firm had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. On average, equities research analysts predict that RxSight will post -0.7 earnings per share for the current year.

Insider Activity at RxSight

In other RxSight news, Director Shweta Maniar sold 3,519 shares of RxSight stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following 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 legal filing with the SEC, which is available through this hyperlink. Also, Director Jesse Anderson Corley bought 1,443 shares of the company’s stock in a transaction dated 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 acquisition, the director now directly owns 1,443 shares in the company, valued at $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in RxSight by 17.7% in the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock worth $40,398,000 after buying an additional 122,775 shares in the last quarter. Barclays PLC raised its holdings in shares of RxSight by 389.8% during the third quarter. Barclays PLC now owns 58,786 shares of the company’s stock worth $2,906,000 after acquiring an additional 46,783 shares in the last quarter. State Street Corp boosted its position in RxSight by 8.3% during the third 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in RxSight by 28.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 285,329 shares of the company’s stock valued at $14,104,000 after purchasing an additional 62,507 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in RxSight in the fourth quarter valued at about $69,000. 78.78% of the stock is owned by hedge funds and other institutional investors.

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.