RxSight (NASDAQ:RXST) Stock Rating Lowered by Wells Fargo & Company

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 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 price objective would suggest a potential upside of 12.50% from the company's previous close.

Several other brokerages have also issued reports on RXST. Stifel Nicolaus reduced 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. Needham & Company LLC reaffirmed a "buy" rating and set a $22.00 price objective on shares of RxSight in a research report on Wednesday. Piper Sandler assumed coverage on shares of RxSight in a research note on Tuesday, April 15th. They issued a "neutral" rating and a $18.00 target price for the company. UBS Group lowered shares of RxSight from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $45.00 to $16.00 in a research note on Wednesday, April 9th. Finally, BTIG Research restated a "neutral" rating on shares of RxSight in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, RxSight presently has an average rating of "Hold" and a consensus price target of $23.90.

RxSight Stock Down 5.4%

Shares of RxSight stock traded down $0.46 on Wednesday, hitting $8.00. 2,222,737 shares of the company traded hands, compared to its average volume of 805,723. RxSight has a 12-month low of $6.32 and a 12-month high of $58.23. The company has a market cap of $325.10 million, a PE ratio of -11.94 and a beta of 1.21. The company has a 50-day moving average price of $14.13 and a 200 day moving average price of $22.20.

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

Hedge Funds Weigh In On RxSight

Institutional investors have recently modified their holdings of the company. State of Wyoming acquired a new position in RxSight in the 4th quarter valued at $37,000. Coppell Advisory Solutions LLC boosted its holdings in RxSight by 108.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after acquiring an additional 672 shares during the period. Russell Investments Group Ltd. boosted its holdings in RxSight by 161.2% during the first quarter. Russell Investments Group Ltd. now owns 4,091 shares of the company's stock valued at $103,000 after acquiring an additional 2,525 shares during the period. AlphaQuest LLC grew its position in shares of RxSight by 65.7% in the fourth quarter. AlphaQuest LLC now owns 5,086 shares of the company's stock valued at $175,000 after purchasing an additional 2,017 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of RxSight in the fourth quarter worth about $200,000. 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.