RxSight (NASDAQ:RXST) Cut to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of RxSight (NASDAQ:RXST) from an overweight rating to an equal weight rating in a research report released on Tuesday, Marketbeat.com reports. They currently have $9.00 target price on the stock, down from their previous target price of $20.00.

RXST has been the topic of a number of other reports. Piper Sandler reduced their price objective on shares of RxSight from $18.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. Oppenheimer lowered RxSight from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 9th. Stifel Nicolaus decreased their price objective on RxSight from $17.00 to $9.00 and set a “hold” rating for the company in a research note on Wednesday, July 9th. UBS Group downgraded shares of RxSight from a “buy” rating to a “neutral” rating and lowered their target price for the company from $45.00 to $16.00 in a research note on Wednesday, April 9th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of RxSight in a research report on Wednesday, July 9th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $17.50.

RxSight Stock Performance

Shares of RXST opened at $7.38 on Tuesday. The business’s fifty day moving average price is $13.43 and its two-hundred day moving average price is $21.28. The firm has a market capitalization of $299.92 million, a price-to-earnings ratio of -11.01 and a beta of 1.21. RxSight has a 52 week low of $6.32 and a 52 week high of $58.23.

RxSight (NASDAQ:RXST) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $37.90 million for the quarter, compared to analysts’ expectations of $38.74 million. RxSight had a negative return on equity of 9.54% and a negative net margin of 17.90%. The firm’s quarterly revenue was up 28.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.25) earnings per share. As a group, research analysts forecast that RxSight will post -0.7 EPS for the current year.

Hedge Funds Weigh In On RxSight

Hedge funds have recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of RxSight in the 4th quarter valued at approximately $37,000. Coppell Advisory Solutions LLC raised its holdings 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 purchasing an additional 672 shares during the period. Russell Investments Group Ltd. lifted its stake in RxSight by 161.2% in the 1st quarter. Russell Investments Group Ltd. now owns 4,091 shares of the company’s stock valued at $103,000 after purchasing an additional 2,525 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in RxSight in the 4th quarter valued at about $200,000. Finally, F M Investments LLC grew its holdings in RxSight by 12.6% during the fourth quarter. F M Investments LLC now owns 5,901 shares of the company’s stock worth $203,000 after purchasing an additional 659 shares during the period. 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.