RxSight (NASDAQ:RXST) Rating Lowered to "Equal Weight" at Wells Fargo & Company

RxSight (NASDAQ:RXST - Get Free Report) was downgraded by Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a research note issued on Wednesday, MarketBeat Ratings reports. They presently have a $9.00 target price on the stock, down from their previous target price of $25.00. Wells Fargo & Company's target price suggests a potential upside of 13.21% from the company's previous close.

A number of other analysts also recently commented on the company. Bank of America restated an "underperform" rating and set a $22.00 price objective (down from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Stifel Nicolaus lowered their price target on RxSight from $33.00 to $28.00 and set a "hold" rating for the company in a report on Wednesday, March 19th. Piper Sandler began coverage on RxSight in a report on Tuesday, April 15th. They issued a "neutral" rating and a $18.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price target on shares of RxSight in a report on Wednesday. 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, six have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $30.20.

RxSight Stock Down 37.8%

Shares of RXST stock traded down $4.84 on Wednesday, reaching $7.95. 16,719,904 shares of the stock were exchanged, compared to its average volume of 787,362. The stock has a market cap of $323.09 million, a P/E ratio of -11.87 and a beta of 1.21. The firm has a 50 day moving average of $14.40 and a two-hundred day moving average of $22.48. RxSight has a 1-year low of $6.29 and a 1-year high of $58.23.

RxSight (NASDAQ:RXST - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $38.74 million. RxSight had a negative return on equity of 9.54% and a negative net margin of 17.90%. The business's revenue for the quarter was up 28.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.25) EPS. On average, equities research analysts predict that RxSight will post -0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On RxSight

Several institutional investors and hedge funds have recently made changes to their positions in RXST. Bank of New York Mellon Corp boosted its stake in RxSight by 10.0% during the 4th quarter. Bank of New York Mellon Corp now owns 102,882 shares of the company's stock valued at $3,537,000 after acquiring an additional 9,385 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of RxSight by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 290,754 shares of the company's stock valued at $9,996,000 after purchasing an additional 5,425 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of 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 purchasing an additional 12,114 shares during the last quarter. AlphaQuest LLC grew its stake in RxSight by 65.7% in the fourth quarter. AlphaQuest LLC now owns 5,086 shares of the company's stock worth $175,000 after purchasing an additional 2,017 shares in the last quarter. Finally, Swiss National Bank grew its stake in RxSight by 2.6% in the fourth quarter. Swiss National Bank now owns 66,300 shares of the company's stock worth $2,279,000 after purchasing an additional 1,700 shares in 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.