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

RxSight (NASDAQ:RXST) had its price target reduced by stock analysts at Wells Fargo & Company from $40.00 to $35.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 24.07% from the stock’s current price.

Several other equities research analysts also recently commented on RXST. UBS Group began coverage on shares of RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target for the company. Jefferies Financial Group started coverage on shares of RxSight in a research 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 target price on shares of RxSight in a research report on Wednesday. Finally, Stifel Nicolaus cut their target price on shares of RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.63.

RxSight Price Performance

NASDAQ RXST opened at $28.21 on Wednesday. The company’s 50 day simple moving average is $32.41 and its 200 day simple moving average is $43.26. RxSight has a 12 month low of $26.29 and a 12 month high of $66.54. The company has a market capitalization of $1.14 billion, a P/E ratio of -33.99 and a beta of 1.19.

RxSight (NASDAQ:RXST) last released 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 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 the consensus estimate of $40.23 million. On average, analysts anticipate that RxSight will post -0.7 earnings per share for the current year.

Insider Activity

In other RxSight news, Director Jesse Anderson Corley purchased 1,443 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now owns 1,443 shares of the company’s stock, valued at $44,992.74. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total transaction of $108,631.53. Following the transaction, the director now owns 7,383 shares in the company, valued at $227,913.21. This represents a 32.28 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RXST. Nisa Investment Advisors LLC grew its stake in RxSight by 854.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock valued at $29,000 after buying an additional 521 shares during the last quarter. Quarry LP grew its stake in RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in RxSight in the 3rd quarter valued at $34,000. Private Trust Co. NA acquired a new position in RxSight in the 4th quarter valued at $34,000. Finally, State of Wyoming acquired a new position in RxSight in the 4th quarter valued at $37,000. 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.