RxSight (NASDAQ:RXST) Sets New 1-Year Low Following Analyst Downgrade

Shares of RxSight, Inc. (NASDAQ:RXST) hit a new 52-week low on Thursday after Bank of America lowered their price target on the stock from $60.00 to $36.00. Bank of America currently has a buy rating on the stock. RxSight traded as low as $24.38 and last traded at $24.98, with a volume of 79700 shares traded. The stock had previously closed at $24.85.

A number of other brokerages have also recently weighed in on RXST. Wells Fargo & Company decreased their price objective on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. UBS Group started coverage on RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $43.00 price objective on shares of RxSight in a research note on Wednesday, February 26th. Stifel Nicolaus decreased their price objective on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price objective on RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

Insider Buying and Selling at RxSight

In other news, Director Jesse Anderson Corley acquired 1,443 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average cost of $31.18 per share, with a total value of $44,992.74. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tamara Fountain sold 7,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the transaction, the director now directly owns 24,793 shares in the company, valued at $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RXST. Quarry LP increased its holdings in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares during the period. Point72 Hong Kong Ltd acquired a new stake in RxSight during the third quarter worth about $34,000. Private Trust Co. NA acquired a new stake in RxSight during the fourth quarter worth about $34,000. State of Wyoming acquired a new stake in RxSight during the fourth quarter worth about $37,000. Finally, Coppell Advisory Solutions LLC grew its holdings in RxSight by 108.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock worth $44,000 after acquiring an additional 672 shares during the period. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Price Performance

The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -29.93 and a beta of 1.22. The firm has a fifty day moving average of $29.63 and a 200 day moving average of $40.14.

RxSight (NASDAQ:RXST) last posted its earnings results on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.25). The company had revenue of $40.21 million for the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. Research analysts predict that RxSight, Inc. will post -0.7 EPS for the current year.

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.