Morgan Stanley Downgrades RxSight (NASDAQ:RXST) to Equal Weight

Morgan Stanley cut shares of RxSight (NASDAQ:RXST - Free Report) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday, Marketbeat Ratings reports. Morgan Stanley currently has $9.00 price objective on the stock, down from their previous price objective of $20.00.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of RxSight from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $25.00 to $9.00 in a research note on Wednesday, July 9th. Piper Sandler dropped their price objective on shares of RxSight from $18.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Oppenheimer downgraded shares of RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 9th. Bank of America lowered their target price on shares of RxSight from $18.00 to $9.00 and set an "underperform" rating for the company in a report on Wednesday, July 9th. Finally, BTIG Research reiterated a "neutral" rating on shares of RxSight in a report on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, RxSight has a consensus rating of "Hold" and a consensus target price of $17.50.

RxSight Price Performance

NASDAQ RXST traded down $0.03 during mid-day trading on Tuesday, reaching $7.35. 1,244,768 shares of the stock were exchanged, compared to its average volume of 1,019,549. RxSight has a one year low of $6.32 and a one year high of $58.23. The stock has a 50 day simple moving average of $13.43 and a 200-day simple moving average of $21.28. The stock has a market cap of $298.70 million, a P/E ratio of -10.97 and a beta of 1.21.

RxSight (NASDAQ:RXST - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.03) EPS for the quarter, hitting analysts' consensus estimates of ($0.03). The business had revenue of $37.90 million during the quarter, compared to analysts' expectations of $38.74 million. RxSight had a negative net margin of 17.90% and a negative return on equity of 9.54%. The business's quarterly revenue was up 28.5% on a year-over-year basis. During the same period last year, the company posted ($0.25) earnings per share. Sell-side analysts anticipate that RxSight will post -0.7 EPS for the current fiscal year.

Institutional Trading of RxSight

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in RxSight by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 2,392,052 shares of the company's stock worth $60,399,000 after acquiring an additional 8,504 shares during the period. Bank of America Corp DE increased its holdings in shares of RxSight by 23.7% in the 4th quarter. Bank of America Corp DE now owns 2,159,923 shares of the company's stock worth $74,258,000 after buying an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of RxSight by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company's stock worth $53,345,000 after buying an additional 381,389 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 buying an additional 13,641 shares during the last quarter. Finally, Credit Agricole S A increased its holdings in shares of RxSight by 32.8% in the 1st quarter. Credit Agricole S A now owns 786,063 shares of the company's stock worth $19,848,000 after buying an additional 194,032 shares during the last quarter. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

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.