JPMorgan Chase & Co. Reiterates Underweight Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “underweight” rating reissued by equities researchers at JPMorgan Chase & Co. in a report released on Friday, Marketbeat reports. They currently have a $17.00 price objective on the stock, down from their prior price objective of $40.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 4.55% from the stock’s previous close.

Several other equities analysts also recently weighed in on RXST. Wells Fargo & Company lowered their target price on RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 price objective on shares of RxSight in a research report on Thursday. UBS Group started coverage on shares of RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. Stifel Nicolaus lowered their price target on shares of RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday, March 19th. Finally, Bank of America reissued an “underperform” rating and issued a $22.00 price objective (down from $36.00) on shares of RxSight in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $43.78.

RxSight Stock Performance

Shares of NASDAQ:RXST opened at $16.26 on Friday. The stock’s 50-day simple moving average is $28.12 and its two-hundred day simple moving average is $37.90. The stock has a market capitalization of $658.38 million, a price-to-earnings ratio of -19.59 and a beta of 1.26. RxSight has a 52-week low of $14.37 and a 52-week high of $66.54.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data 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). The business had revenue of $40.21 million during 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%. As a group, equities analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Transactions at RxSight

In other RxSight news, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at $227,913.21. This trade represents a 32.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction on 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 purchase, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP raised its stake in RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares in the last quarter. Private Trust Co. NA bought a new stake in shares of RxSight in the 4th quarter worth about $34,000. State of Wyoming purchased a new stake in shares of RxSight during the 4th quarter valued at about $37,000. Coppell Advisory Solutions LLC lifted its holdings in shares of RxSight by 108.9% in the 4th 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 last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in RxSight in the fourth quarter worth about $46,000. 78.78% of the stock is currently owned by 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.