RxSight (NASDAQ:RXST) Stock Price Down 5.6% - Here's What Happened

Shares of RxSight, Inc. (NASDAQ:RXST - Get Free Report) traded down 5.6% during trading on Wednesday . The company traded as low as $14.88 and last traded at $14.81. 330,223 shares traded hands during trading, a decline of 53% from the average session volume of 702,470 shares. The stock had previously closed at $15.69.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America reaffirmed an "underperform" rating and set a $22.00 target price (down from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. Wells Fargo & Company raised shares of RxSight from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $17.00 to $25.00 in a research note on Monday, May 19th. Stifel Nicolaus reduced their target price on shares of RxSight from $33.00 to $28.00 and set a "hold" rating on the stock in a research note on Wednesday, March 19th. Needham & Company LLC reiterated a "buy" rating and set a $43.00 price target on shares of RxSight in a research report on Thursday, April 3rd. Finally, Piper Sandler started coverage on shares of RxSight in a research report on Tuesday, April 15th. They set a "neutral" rating and a $18.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $37.90.

RxSight Stock Down 1.1%

The stock has a market cap of $598.99 million, a price-to-earnings ratio of -17.76 and a beta of 1.29. The business's fifty day moving average is $14.92 and its two-hundred day moving average is $26.26.

RxSight (NASDAQ:RXST - Get Free Report) last posted 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 net margin of 23.92% and a negative return on equity of 14.00%. The company had revenue of $37.90 million during the quarter, compared to analysts' expectations of $38.74 million. During the same quarter in the previous year, the business posted ($0.25) EPS. The firm's revenue was up 28.5% on a year-over-year basis. As a group, sell-side analysts expect that RxSight, Inc. will post -0.7 earnings per share for the current year.

Institutional Trading of RxSight

Several institutional investors have recently modified their holdings of RXST. Vanguard Group Inc. raised its position in RxSight by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,392,052 shares of the company's stock valued at $60,399,000 after purchasing an additional 8,504 shares during the last quarter. Bank of America Corp DE raised its position 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 purchasing an additional 413,737 shares during the last quarter. Artisan Partners Limited Partnership raised its position 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 purchasing an additional 381,389 shares during the last quarter. Geode Capital Management LLC raised its position in RxSight by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 830,758 shares of the company's stock valued at $28,568,000 after purchasing an additional 13,641 shares during the last quarter. Finally, Credit Agricole S A increased its stake in RxSight by 32.8% in the 1st quarter. Credit Agricole S A now owns 786,063 shares of the company's stock valued at $19,848,000 after buying an additional 194,032 shares during the period. Hedge funds and other institutional investors 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.