Piper Sandler Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST - Free Report) had its target price reduced by Piper Sandler from $18.00 to $10.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently commented on RXST. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $17.00 target price (down from $40.00) on shares of RxSight in a report on Friday, April 4th. Wells Fargo & Company lowered shares of RxSight from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $25.00 to $9.00 in a research note on Wednesday. Needham & Company LLC reissued a "buy" rating and issued a $22.00 target price on shares of RxSight in a research report on Wednesday. BTIG Research restated a "neutral" rating on shares of RxSight in a research report on Wednesday. Finally, Bank of America reaffirmed an "underperform" rating and set a $22.00 target price (down previously from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $30.20.

RxSight Stock Performance

Shares of NASDAQ:RXST traded down $4.84 during trading hours on Wednesday, hitting $7.95. 16,719,904 shares of the company's stock traded hands, compared to its average volume of 788,976. The company's fifty day simple moving average is $14.40 and its two-hundred day simple moving average is $22.48. RxSight has a 52 week low of $6.29 and a 52 week high of $58.23.

RxSight (NASDAQ:RXST - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $37.90 million during the quarter, compared to analyst estimates 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 in the prior year, the business earned ($0.25) earnings per share. Analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in shares of RxSight by 12,990.8% during the 1st quarter. GAMMA Investing LLC now owns 8,509 shares of the company's stock worth $215,000 after purchasing an additional 8,444 shares during the last quarter. SG Americas Securities LLC bought a new position in RxSight during the first quarter valued at about $916,000. Vanguard Group Inc. raised its holdings 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of RxSight by 10.0% during the 4th quarter. Bank of New York Mellon Corp now owns 102,882 shares of the company's stock worth $3,537,000 after acquiring an additional 9,385 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of RxSight by 23.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company's stock worth $2,921,000 after acquiring an additional 16,140 shares in the last quarter. 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.