RxSight (NASDAQ:RXST) Downgraded by Oppenheimer to "Market Perform"

Oppenheimer lowered shares of RxSight (NASDAQ:RXST - Free Report) from an outperform rating to a market perform rating in a research note published on Wednesday, Marketbeat Ratings reports.

RXST has been the topic of a number of other reports. BTIG Research reissued a "neutral" rating on shares of RxSight in a research report on Wednesday. Piper Sandler initiated coverage on RxSight in a research report on Tuesday, April 15th. They set a "neutral" rating and a $18.00 target price on the stock. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $17.00 price objective (down from $40.00) on shares of RxSight in a research note on Friday, April 4th. Bank of America restated an "underperform" rating and set a $22.00 price objective (down previously from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company downgraded shares of RxSight from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $25.00 to $9.00 in a research report on Wednesday. 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $30.20.

RxSight Stock Performance

Shares of RXST traded down $4.84 during midday trading on Wednesday, hitting $7.95. 16,719,904 shares of the stock were exchanged, compared to its average volume of 787,362. RxSight has a 52-week low of $6.29 and a 52-week high of $58.23. The stock has a fifty day simple moving average of $14.40 and a 200 day simple moving average of $22.48. The firm has a market cap of $323.09 million, a P/E ratio of -11.87 and a beta of 1.21.

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

Institutional Investors Weigh In On RxSight

Several institutional investors have recently modified their holdings of RXST. T. Rowe Price Investment Management Inc. boosted its stake in shares of RxSight by 885.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 719,818 shares of the company's stock worth $18,176,000 after acquiring an additional 646,791 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of RxSight by 3,094.6% during the 4th quarter. Royal Bank of Canada now owns 508,491 shares of the company's stock worth $17,481,000 after acquiring an additional 492,574 shares in the last quarter. DF Dent & Co. Inc. purchased a new stake in RxSight in the 4th quarter valued at approximately $14,524,000. Bank of America Corp DE lifted its stake in RxSight by 23.7% in the 4th quarter. Bank of America Corp DE now owns 2,159,923 shares of the company's stock valued at $74,258,000 after buying an additional 413,737 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in RxSight by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,551,620 shares of the company's stock valued at $53,345,000 after buying an additional 381,389 shares in the last quarter. Hedge funds and other 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.