RxSight (NASDAQ:RXST) Price Target Lowered to $9.00 at Bank of America

RxSight (NASDAQ:RXST - Get Free Report) had its price objective dropped by equities research analysts at Bank of America from $18.00 to $9.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Bank of America's price objective suggests a potential upside of 12.50% from the company's previous close.

A number of other research analysts have also commented on RXST. Oppenheimer lowered RxSight from an "outperform" rating to a "market perform" rating in a report on Wednesday. Wells Fargo & Company lowered RxSight from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $25.00 to $9.00 in a report on Wednesday. Piper Sandler cut their price target on RxSight from $18.00 to $10.00 and set a "neutral" rating for the company in a report on Wednesday. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $17.00 price target (down from $40.00) on shares of RxSight in a report on Friday, April 4th. Finally, BTIG Research reiterated a "neutral" rating on shares of RxSight in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $23.90.

RxSight Price Performance

RXST traded down $0.46 on Wednesday, hitting $8.00. The company had a trading volume of 2,222,737 shares, compared to its average volume of 803,891. The company's fifty day moving average price is $13.97 and its 200 day moving average price is $22.02. RxSight has a 1-year low of $6.32 and a 1-year high of $58.23. The stock has a market cap of $325.12 million, a price-to-earnings ratio of -11.94 and a beta of 1.21.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in RxSight by 10.0% during the fourth 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. Charles Schwab Investment Management Inc. raised its stake in RxSight by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 290,754 shares of the company's stock worth $9,996,000 after acquiring an additional 5,425 shares in the last quarter. Victory Capital Management Inc. raised its stake in RxSight by 4.7% during the fourth quarter. Victory Capital Management Inc. now owns 271,978 shares of the company's stock worth $9,351,000 after acquiring an additional 12,114 shares in the last quarter. AlphaQuest LLC raised its stake in RxSight by 65.7% during the fourth quarter. AlphaQuest LLC now owns 5,086 shares of the company's stock worth $175,000 after acquiring an additional 2,017 shares in the last quarter. Finally, Swiss National Bank raised its stake in RxSight by 2.6% during the fourth quarter. Swiss National Bank now owns 66,300 shares of the company's stock worth $2,279,000 after acquiring an additional 1,700 shares in the last quarter. 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.