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

RxSight (NASDAQ:RXST) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday,Benzinga reports. The firm presently has a $25.00 target price on the stock, up from their prior target price of $17.00. Wells Fargo & Company‘s price target would suggest a potential upside of 76.18% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $17.00 price objective (down from $40.00) on shares of RxSight in a report on Friday, April 4th. Stifel Nicolaus cut their price objective on shares of RxSight from $33.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday, March 19th. Piper Sandler assumed coverage on shares of RxSight in a report on Tuesday, April 15th. They set a “neutral” rating and a $18.00 price objective on the stock. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (down from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 price objective on shares of RxSight in a report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.90.

RxSight Trading Up 6.6%

Shares of RXST stock opened at $14.19 on Monday. The firm has a market capitalization of $576.64 million, a PE ratio of -17.10 and a beta of 1.32. The firm has a fifty day simple moving average of $18.08 and a two-hundred day simple moving average of $29.96. RxSight has a 12 month low of $12.53 and a 12 month high of $64.50.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The firm had revenue of $37.90 million for the quarter, compared to the consensus estimate of $38.74 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The business’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 firm earned ($0.25) EPS. On average, equities analysts predict that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Tamara Fountain sold 7,000 shares of the business’s 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 transaction, the director now directly owns 24,793 shares of the company’s stock, valued at approximately $637,428.03. The trade was a 22.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.36% of the stock is owned by insiders.

Institutional Investors Weigh In On RxSight

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mountain Capital Investment Advisors Inc. raised its stake in RxSight by 3.8% in the 4th quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after acquiring an additional 320 shares during the period. Wells Fargo & Company MN raised its stake in RxSight by 1.7% in the 4th quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock valued at $914,000 after acquiring an additional 445 shares during the period. Legal & General Group Plc raised its stake in RxSight by 1.2% in the 4th quarter. Legal & General Group Plc now owns 42,445 shares of the company’s stock valued at $1,459,000 after acquiring an additional 512 shares during the period. F M Investments LLC raised its stake in RxSight by 12.6% in the 4th quarter. F M Investments LLC now owns 5,901 shares of the company’s stock valued at $203,000 after acquiring an additional 659 shares during the period. Finally, Coppell Advisory Solutions LLC raised 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 acquiring an additional 672 shares during the period. 78.78% of the stock is currently owned by institutional investors.

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.