Wells Fargo & Company Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its target price reduced by research analysts at Wells Fargo & Company from $40.00 to $35.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 28.89% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Stifel Nicolaus decreased their price objective on RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a research report on Monday, January 13th. UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price target for the company. Jefferies Financial Group began coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $43.00 price objective on shares of RxSight in a research report on Wednesday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.63.

RxSight Stock Performance

Shares of RxSight stock opened at $27.16 on Wednesday. RxSight has a fifty-two week low of $26.29 and a fifty-two week high of $66.54. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -34.07 and a beta of 1.19. The stock has a 50 day moving average of $32.78 and a 200 day moving average of $43.47.

RxSight (NASDAQ:RXST) last posted its quarterly 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). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The business had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. Analysts forecast that RxSight will post -0.7 EPS for the current year.

Insider Activity

In other RxSight news, insider Ilya Goldshleger sold 3,105 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $46.08, for a total transaction of $143,078.40. Following the completion of the sale, the insider now owns 42,246 shares of the company’s stock, valued at approximately $1,946,695.68. The trade was a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was 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 owns 7,383 shares in the company, valued at approximately $227,913.21. This trade represents 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RXST. Nisa Investment Advisors LLC increased its position in shares of RxSight by 854.1% in the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Arista Wealth Management LLC purchased a new stake in RxSight during the 3rd quarter worth $258,000. Principal Financial Group Inc. increased its holdings in RxSight by 0.7% in the 3rd quarter. Principal Financial Group Inc. now owns 36,046 shares of the company’s stock valued at $1,782,000 after purchasing an additional 240 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in RxSight in the third quarter valued at about $988,000. Finally, Baillie Gifford & Co. lifted its stake in shares of RxSight by 17.0% during the third quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock worth $20,711,000 after purchasing an additional 60,789 shares in the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

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.