Wells Fargo & Company Reaffirms “Equal Weight” Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “equal weight” rating reissued by Wells Fargo & Company in a research note issued to investors on Wednesday, MarketBeat reports. They currently have a $42.00 price objective on the stock, down from their prior price objective of $56.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 17.02% from the stock’s current price.

Several other analysts have also recently issued reports on the company. UBS Group began coverage on RxSight in a research note on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $66.00 price objective on shares of RxSight in a research note on Friday, September 13th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, RxSight has a consensus rating of “Moderate Buy” and an average target price of $62.13.

RxSight Price Performance

RxSight stock opened at $35.89 on Wednesday. RxSight has a 1-year low of $34.92 and a 1-year high of $66.54. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -43.24 and a beta of 1.11. The firm has a 50 day simple moving average of $47.21 and a 200-day simple moving average of $51.02.

Insiders Place Their Bets

In other RxSight news, insider Ilya Goldshleger sold 3,100 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $45.00, for a total transaction of $139,500.00. Following the transaction, the insider now owns 42,246 shares of the company’s stock, valued at $1,901,070. This trade represents a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Shweta Maniar sold 3,782 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $45.88, for a total transaction of $173,518.16. Following the sale, the director now directly owns 10,902 shares of the company’s stock, valued at $500,183.76. This represents a 25.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,807 shares of company stock worth $3,202,275. 9.36% of the stock is owned by company insiders.

Institutional Trading of RxSight

A number of institutional investors have recently modified their holdings of the company. CWM LLC grew its stake in RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after buying an additional 371 shares during the period. Nisa Investment Advisors LLC boosted its position in RxSight by 854.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares during the period. Quarry LP increased its holdings in RxSight by 82.3% in the 3rd 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. Point72 Hong Kong Ltd purchased a new position in RxSight in the third quarter valued at about $34,000. Finally, Quest Partners LLC acquired a new position in shares of RxSight during the second quarter worth about $41,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.

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.