RxSight (NASDAQ:RXST) Shares Down 5.6% - Here's Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $43.00 price objective on shares of RxSight in a research report on Thursday, April 3rd. Piper Sandler began coverage on shares of RxSight in a research note on Tuesday, April 15th. They issued a "neutral" rating and a $18.00 price target on the stock. Wells Fargo & Company upgraded shares of RxSight from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $17.00 to $25.00 in a research note on Monday, May 19th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $17.00 price target (down from $40.00) on shares of RxSight in a research note on Friday, April 4th. Finally, UBS Group lowered shares of RxSight from a "buy" rating to a "neutral" rating and lowered their price target for the company from $45.00 to $16.00 in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, RxSight currently has an average rating of "Hold" and an average price target of $37.90.

RxSight Trading Down 0.4%

The company has a market capitalization of $577.45 million, a price-to-earnings ratio of -17.12 and a beta of 1.29. The firm's 50 day moving average price is $14.86 and its two-hundred day moving average price is $25.82.

RxSight (NASDAQ:RXST - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $37.90 million for the quarter, compared to analyst estimates of $38.74 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. RxSight's revenue for the quarter was up 28.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.25) EPS. As a group, equities research analysts predict that RxSight, Inc. will post -0.7 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Private Trust Co. NA acquired a new position in shares of RxSight during the 4th quarter worth about $34,000. State of Wyoming acquired a new position in RxSight in the 4th quarter valued at about $37,000. Coppell Advisory Solutions LLC grew its stake in RxSight by 108.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company's stock valued at $44,000 after buying an additional 672 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in RxSight in the 4th quarter valued at about $46,000. Finally, Global Retirement Partners LLC acquired a new position in RxSight in the 4th quarter valued at about $69,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.