Bank of America Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its price objective trimmed by Bank of America from $60.00 to $36.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

RXST has been the topic of several other reports. UBS Group began coverage on RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price on the stock. Wells Fargo & Company cut their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their target price on RxSight from $62.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Stifel Nicolaus cut their target price on RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a research report on Wednesday, March 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 price target on shares of RxSight in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, RxSight presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

RxSight Trading Down 0.2 %

Shares of RXST stock opened at $24.84 on Friday. The business’s fifty day simple moving average is $29.63 and its 200-day simple moving average is $39.95. The company has a market cap of $1.01 billion, a PE ratio of -29.93 and a beta of 1.22. RxSight has a 12-month low of $24.09 and a 12-month high of $66.54.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results 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 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%. On average, equities analysts forecast that RxSight will post -0.7 earnings per share for the current year.

Insider Transactions at RxSight

In other news, Director Jesse Anderson Corley bought 1,443 shares of the 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 purchase, the director now directly owns 1,443 shares in the company, valued at $44,992.74. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total transaction 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. Corporate insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Polar Asset Management Partners Inc. purchased a new position in RxSight in the 4th quarter valued at about $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in RxSight by 23.5% in the 4th 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 buying an additional 16,140 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in RxSight by 138.9% in the 4th quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company’s stock valued at $12,570,000 after buying an additional 212,599 shares in the last quarter. Squarepoint Ops LLC raised its holdings in RxSight by 12.5% in the 4th 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 during the last quarter. Finally, Tidal Investments LLC acquired a new stake in RxSight in the 4th quarter valued at about $355,000. 78.78% of the stock is owned by hedge funds and other 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.