RxSight (NASDAQ:RXST) Upgraded to "Overweight" at Wells Fargo & Company

RxSight (NASDAQ:RXST - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research note issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $25.00 price target on the stock, up from their prior price target of $17.00. Wells Fargo & Company's price objective would suggest a potential upside of 59.44% from the stock's current price.

RXST has been the subject of a number of other research reports. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $17.00 price objective (down previously from $40.00) on shares of RxSight in a research report on Friday, April 4th. Piper Sandler assumed coverage on shares of RxSight in a research note on Tuesday, April 15th. They set a "neutral" rating and a $18.00 target price for the company. UBS Group cut shares of RxSight from a "buy" rating to a "neutral" rating and cut their target price for the stock from $45.00 to $16.00 in a research note on Wednesday, April 9th. Needham & Company LLC restated a "buy" rating and set a $43.00 target price on shares of RxSight in a research note on Thursday, April 3rd. Finally, Bank of America restated an "underperform" rating and set a $22.00 target price (down previously from $36.00) on shares of RxSight in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $37.90.

RxSight Stock Down 1.3%

Shares of NASDAQ:RXST traded down $0.21 during midday trading on Monday, reaching $15.68. 670,247 shares of the company were exchanged, compared to its average volume of 687,803. The firm has a market cap of $637.19 million, a PE ratio of -18.89 and a beta of 1.32. RxSight has a fifty-two week low of $12.53 and a fifty-two week high of $62.88. The stock has a fifty day simple moving average of $17.11 and a two-hundred day simple moving average of $29.04.

RxSight (NASDAQ:RXST - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.03) EPS for the quarter, meeting analysts' consensus estimates 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 the consensus estimate of $38.74 million. During the same quarter last year, the firm posted ($0.25) EPS. The company's quarterly revenue was up 28.5% on a year-over-year basis. As a group, analysts forecast that RxSight will post -0.7 earnings per share for the current year.

Insiders Place Their Bets

In other RxSight news, Director Tamara Fountain sold 7,000 shares of RxSight stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the sale, the director now owns 24,793 shares in the company, valued at $637,428.03. The trade was a 22.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.36% of the company's stock.

Hedge Funds Weigh In On RxSight

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of RxSight by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 93,382 shares of the company's stock valued at $2,358,000 after buying an additional 8,424 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of RxSight by 57.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company's stock valued at $7,838,000 after purchasing an additional 113,767 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in RxSight by 109.9% during the 1st quarter. Parkman Healthcare Partners LLC now owns 631,238 shares of the company's stock worth $15,939,000 after acquiring an additional 330,540 shares during the last quarter. Petrus Trust Company LTA grew its holdings in RxSight by 5.0% during the 1st quarter. Petrus Trust Company LTA now owns 19,651 shares of the company's stock worth $496,000 after acquiring an additional 938 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in RxSight by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,861 shares of the company's stock worth $552,000 after acquiring an additional 1,232 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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.