RxSight (NASDAQ:RXST) Downgraded by UBS Group to Neutral

UBS Group cut shares of RxSight (NASDAQ:RXST) from a buy rating to a neutral rating in a research report report published on Wednesday, MarketBeat.com reports. UBS Group currently has $16.00 price target on the stock, down from their prior price target of $45.00.

RXST has been the subject of a number of other reports. Wells Fargo & Company decreased their price target on shares of RxSight from $35.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $17.00 target price (down previously from $40.00) on shares of RxSight in a research report on Friday, April 4th. Stifel Nicolaus dropped their price target on RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a research report on Wednesday, March 19th. Bank of America reiterated an “underperform” rating and issued a $22.00 price objective (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $43.00 target price on shares of RxSight in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $39.78.

RxSight Price Performance

RXST opened at $14.08 on Wednesday. RxSight has a one year low of $13.50 and a one year high of $66.54. The business has a 50 day simple moving average of $25.63 and a two-hundred day simple moving average of $36.22. The firm has a market capitalization of $570.11 million, a price-to-earnings ratio of -16.96 and a beta of 1.26.

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

Insider Buying and Selling at RxSight

In related news, Director Jesse Anderson Corley bought 1,443 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was acquired at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the purchase, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shweta Maniar sold 3,519 shares of the stock in a transaction 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 transaction, the director now directly owns 7,383 shares in the company, valued at $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in RxSight by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 2,383,548 shares of the company’s stock valued at $81,946,000 after buying an additional 96,464 shares during the period. Bank of America Corp DE boosted its stake in shares of RxSight by 23.7% during the 4th quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock worth $74,258,000 after acquiring an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of RxSight by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company’s stock valued at $53,345,000 after acquiring an additional 381,389 shares during the period. Geode Capital Management LLC increased its stake in shares of RxSight by 1.7% in the 4th 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 in the last quarter. Finally, State Street Corp increased its stake in shares of RxSight by 8.3% in the 3rd quarter. State Street Corp now owns 817,671 shares of the company’s stock worth $40,417,000 after purchasing an additional 62,349 shares in 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.