RxSight (NASDAQ:RXST) Given New $36.00 Price Target at Bank of America

RxSight (NASDAQ:RXST) had its price target cut by Bank of America from $60.00 to $36.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the company. Wells Fargo & Company decreased their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. UBS Group assumed coverage on RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 target price on shares of RxSight in a research report on Wednesday, February 26th. Stifel Nicolaus decreased their target price on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.33.

RxSight Price Performance

Shares of NASDAQ:RXST opened at $24.84 on Friday. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -29.93 and a beta of 1.22. The business’s 50-day moving average is $29.63 and its 200-day moving average is $40.14. RxSight has a 1 year low of $24.09 and a 1 year high of $66.54.

RxSight (NASDAQ:RXST) last announced 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 business 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%. Analysts anticipate that RxSight will post -0.7 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On RxSight

Several institutional investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. bought a new position in shares of RxSight in the fourth quarter valued at approximately $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of RxSight by 23.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company’s stock valued at $2,921,000 after acquiring an additional 16,140 shares in the last quarter. Voloridge Investment Management LLC grew its holdings in shares of RxSight by 138.9% in the fourth quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company’s stock valued at $12,570,000 after acquiring an additional 212,599 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of RxSight by 12.5% in the fourth quarter. Squarepoint Ops LLC now owns 133,125 shares of the company’s stock valued at $4,577,000 after acquiring an additional 14,799 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of RxSight in the fourth quarter valued at approximately $355,000. 78.78% of the stock is 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.