RxSight (NASDAQ:RXST) Price Target Cut to $40.00 by Analysts at JPMorgan Chase & Co.

RxSight (NASDAQ:RXST) had its price objective lowered by JPMorgan Chase & Co. from $62.00 to $40.00 in a research report report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group initiated coverage on RxSight in a report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $43.00 price target on shares of RxSight in a report on Wednesday. Stifel Nicolaus lowered their price target on RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a report on Wednesday. UBS Group assumed coverage on RxSight in a research note on Friday, December 6th. They set a “buy” rating and a $52.00 target price for the company. Finally, Wells Fargo & Company lowered their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, RxSight currently has a consensus rating of “Moderate Buy” and an average price target of $51.63.

RxSight Trading Down 0.8 %

Shares of RXST opened at $28.97 on Wednesday. RxSight has a twelve month low of $26.29 and a twelve month high of $66.54. The firm has a market capitalization of $1.17 billion, a P/E ratio of -34.90 and a beta of 1.19. The stock’s fifty day simple moving average is $32.61 and its 200 day simple moving average is $43.37.

RxSight (NASDAQ:RXST) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. Sell-side analysts predict that RxSight will post -0.7 earnings per share for the current year.

Insider Activity

In other news, Director Jesse Anderson Corley purchased 1,443 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ilya Goldshleger sold 3,105 shares of RxSight stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $46.08, for a total value of $143,078.40. Following the completion of the transaction, the insider now owns 42,246 shares of the company’s stock, valued at $1,946,695.68. This trade represents a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

A number of hedge funds have recently bought and sold shares of RXST. Nisa Investment Advisors LLC grew its stake in 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 purchasing an additional 521 shares in the last quarter. Quarry LP lifted its holdings in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after acquiring an additional 288 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in RxSight in the third quarter worth about $34,000. Private Trust Co. NA bought a new position in RxSight in the fourth quarter worth about $34,000. Finally, State of Wyoming bought a new position in RxSight in the fourth quarter worth about $37,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.