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

Wells Fargo & Company upgraded shares of RxSight (NASDAQ:RXST) from an equal weight rating to an overweight rating in a report issued on Monday, Marketbeat Ratings reports. They currently have $25.00 price target on the stock, up from their previous price target of $17.00.

RXST has been the subject of a number of other research reports. Bank of America restated an “underperform” rating and issued a $22.00 price target (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Stifel Nicolaus decreased 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. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $17.00 target price (down from $40.00) on shares of RxSight in a research note on Friday, April 4th. Needham & Company LLC reiterated a “buy” rating and set a $43.00 target price on shares of RxSight in a research note on Thursday, April 3rd. Finally, Piper Sandler assumed coverage on RxSight in a research note on Tuesday, April 15th. They set a “neutral” rating and a $18.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $37.90.

RxSight Stock Performance

Shares of NASDAQ:RXST opened at $16.32 on Monday. RxSight has a 1 year low of $12.53 and a 1 year high of $64.50. The stock has a market capitalization of $663.20 million, a P/E ratio of -19.66 and a beta of 1.32. The stock has a 50-day simple moving average of $17.89 and a 200-day simple moving average of $29.71.

RxSight (NASDAQ:RXST) last issued its earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $37.90 million during the quarter, compared to analysts’ expectations of $38.74 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The company’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.25) EPS. Analysts predict that RxSight will post -0.7 earnings per share for the current year.

Insider Activity at RxSight

In related news, Director Tamara Fountain sold 7,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value of $179,970.00. Following the completion of the transaction, the director now owns 24,793 shares in the company, valued at $637,428.03. This trade represents a 22.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RxSight

Several hedge funds have recently bought and sold shares of RXST. Private Trust Co. NA purchased a new stake in shares of RxSight during the 4th quarter worth about $34,000. State of Wyoming bought a new position in shares of RxSight in the 4th quarter valued at approximately $37,000. Coppell Advisory Solutions LLC raised its stake in shares of 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 acquiring an additional 672 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of RxSight in the 4th quarter valued at approximately $46,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of RxSight in the 4th quarter valued at approximately $52,000. 78.78% of the stock is owned by hedge funds and other institutional investors.

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.