RxSight (NASDAQ:RXST) Downgraded by Wells Fargo & Company to Equal Weight

RxSight (NASDAQ:RXST - Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a research report issued to clients and investors on Wednesday, MarketBeat 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 price target would suggest a potential upside of 6.38% from the stock's current price.

RXST has been the topic of several other research reports. Stifel Nicolaus lowered their target price on shares of RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, March 19th. Bank of America reiterated an "underperform" rating and issued a $22.00 price objective (down previously from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. UBS Group cut shares of RxSight from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $45.00 to $16.00 in a research note on Wednesday, April 9th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $17.00 price objective (down previously from $40.00) on shares of RxSight in a research note on Friday, April 4th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price objective on shares of RxSight in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, RxSight presently has a consensus rating of "Hold" and a consensus price target of $23.90.

RxSight Trading Up 6.4%

Shares of NASDAQ:RXST traded up $0.51 during midday trading on Wednesday, hitting $8.46. The stock had a trading volume of 4,430,180 shares, compared to its average volume of 800,043. The company has a market capitalization of $343.79 million, a PE ratio of -12.63 and a beta of 1.21. The stock has a 50 day moving average price of $14.13 and a two-hundred day moving average price of $22.20. RxSight has a 1 year low of $6.32 and a 1 year high of $58.23.

RxSight (NASDAQ:RXST - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $37.90 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.25) earnings per share. As a group, equities analysts expect that RxSight will post -0.7 EPS for the current year.

Hedge Funds Weigh In On RxSight

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Wyoming acquired a new position in RxSight during the fourth quarter worth about $37,000. Coppell Advisory Solutions LLC raised its position in RxSight by 108.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock worth $44,000 after acquiring an additional 672 shares during the last quarter. Russell Investments Group Ltd. raised its position in RxSight by 161.2% during the first quarter. Russell Investments Group Ltd. now owns 4,091 shares of the company's stock worth $103,000 after acquiring an additional 2,525 shares during the last quarter. AlphaQuest LLC raised its position 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 during the last quarter. Finally, Two Sigma Securities LLC acquired a new position in RxSight during the fourth quarter worth about $200,000. Institutional investors and hedge funds own 78.78% of the company's stock.

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.