Wells Fargo & Company Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its price target reduced by Wells Fargo & Company from $35.00 to $22.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 35.30% from the company’s current price.

RXST has been the subject of several other reports. Stifel Nicolaus cut their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a report on Wednesday, March 19th. Needham & Company LLC restated a “buy” rating and set a $43.00 target price on shares of RxSight in a research report on Thursday. UBS Group started coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, Bank of America restated an “underperform” rating and issued a $22.00 price objective (down from $36.00) on shares of RxSight in a research report on Thursday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $43.78.

RxSight Stock Performance

Shares of RXST opened at $16.26 on Thursday. RxSight has a 52-week low of $14.37 and a 52-week high of $66.54. The stock’s 50-day simple moving average is $28.12 and its 200 day simple moving average is $38.03. The stock has a market capitalization of $658.38 million, a price-to-earnings ratio of -19.59 and a beta of 1.22.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share 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 company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $40.23 million. On average, research analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other RxSight news, Director Jesse Anderson Corley acquired 1,443 shares of the stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now owns 1,443 shares in the company, valued at $44,992.74. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Shweta Maniar sold 3,519 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the transaction, the director now directly owns 7,383 shares in the company, valued at approximately $227,913.21. This represents a 32.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP grew its stake in shares of RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares during the last quarter. Mountain Capital Investment Advisors Inc. boosted its holdings in RxSight by 3.8% during the 4th quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after acquiring an additional 320 shares during the period. The Manufacturers Life Insurance Company grew its position in RxSight by 1.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock worth $1,034,000 after acquiring an additional 399 shares during the last quarter. Wells Fargo & Company MN increased its stake in RxSight by 1.7% in the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock worth $914,000 after purchasing an additional 445 shares during the period. Finally, MCIA Inc lifted its position in RxSight by 5.7% in the third quarter. MCIA Inc now owns 8,459 shares of the company’s stock valued at $385,000 after purchasing an additional 459 shares during the last quarter. 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.