JPMorgan Chase & Co. Cuts RxSight (NASDAQ:RXST) Price Target to $40.00

RxSight (NASDAQ:RXST) had its price target decreased by JPMorgan Chase & Co. from $62.00 to $40.00 in a report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other brokerages also recently weighed in on RXST. Needham & Company LLC reiterated a “buy” rating and issued a $43.00 target price on shares of RxSight in a report on Wednesday. Stifel Nicolaus lowered their target price on RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a report on Wednesday. Wells Fargo & Company lowered their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday. Jefferies Financial Group assumed coverage on RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 target price for the company. Finally, UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, RxSight presently has a consensus rating of “Moderate Buy” and an average target price of $51.63.

RxSight Price Performance

Shares of RXST opened at $28.36 on Wednesday. RxSight has a 1 year low of $26.29 and a 1 year high of $66.54. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -34.17 and a beta of 1.19. The business has a 50-day moving average of $32.31 and a 200-day moving average of $43.10.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data 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 company 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%. As a group, sell-side analysts anticipate that RxSight will post -0.7 EPS for the current year.

Insider Activity

In related news, Director Shweta Maniar sold 3,519 shares of RxSight 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jesse Anderson Corley bought 1,443 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the transaction, the director now owns 1,443 shares of the company’s stock, 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. Corporate insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. boosted its position in shares of RxSight by 6.0% during the third quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock valued at $193,609,000 after buying an additional 222,000 shares during the last quarter. Vanguard Group Inc. boosted its position in RxSight by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock worth $81,946,000 after purchasing an additional 96,464 shares during the last quarter. Bank of America Corp DE boosted its position in RxSight by 23.7% in the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after purchasing an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in RxSight by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock worth $53,345,000 after purchasing an additional 381,389 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in RxSight by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 830,758 shares of the company’s stock worth $28,568,000 after purchasing an additional 13,641 shares during the last quarter. Hedge funds and other 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.