RxSight (NASDAQ:RXST) Price Target Lowered to $40.00 at JPMorgan Chase & Co.

RxSight (NASDAQ:RXST) had its price objective reduced by analysts at JPMorgan Chase & Co. from $62.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 45.27% from the company’s previous close.

Other research analysts have also issued research reports about the company. UBS Group began coverage on RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 target price for the company. Stifel Nicolaus reduced their price objective on shares of RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Wednesday. Wells Fargo & Company dropped their price objective on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $43.00 price target on shares of RxSight in a research report on Wednesday. Finally, Jefferies Financial Group started coverage on RxSight in a research report on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.63.

RxSight Stock Down 5.7 %

NASDAQ RXST traded down $1.68 on Wednesday, reaching $27.54. The stock had a trading volume of 561,023 shares, compared to its average volume of 602,333. The stock has a fifty day moving average price of $32.78 and a two-hundred day moving average price of $43.47. RxSight has a 12-month low of $26.29 and a 12-month high of $66.54. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -33.17 and a beta of 1.19.

RxSight (NASDAQ:RXST) last posted its earnings results on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The business had revenue of $40.21 million during the quarter, compared to the consensus estimate of $40.23 million. Sell-side analysts forecast that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Transactions at RxSight

In other news, Director Shweta Maniar sold 3,519 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jesse Anderson Corley acquired 1,443 shares of RxSight stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the transaction, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

A number of hedge funds have recently added to or reduced their stakes in RXST. Polar Asset Management Partners Inc. acquired a new position in RxSight during the fourth quarter worth $1,606,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of RxSight by 23.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company’s stock worth $2,921,000 after acquiring an additional 16,140 shares during the period. Voloridge Investment Management LLC lifted its holdings in shares of RxSight by 138.9% in the fourth quarter. Voloridge Investment Management LLC now owns 365,617 shares of the company’s stock worth $12,570,000 after buying an additional 212,599 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in shares of RxSight by 12.5% in the 4th quarter. Squarepoint Ops LLC now owns 133,125 shares of the company’s stock worth $4,577,000 after purchasing an additional 14,799 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of RxSight during the fourth quarter valued at approximately $355,000. Institutional investors and hedge funds 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.