Wells Fargo & Company Lowers RxSight (NASDAQ:RXST) Price Target to $9.00

RxSight (NASDAQ:RXST) had its price target cut by investment analysts at Wells Fargo & Company from $11.00 to $9.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 53.85% from the stock’s current price.

RXST has been the subject of a number of other research reports. Wolfe Research upgraded shares of RxSight to an “outperform” rating in a research report on Friday, January 30th. UBS Group increased their target price on shares of RxSight from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Thursday, February 26th. William Blair initiated coverage on shares of RxSight in a research report on Friday, January 30th. They set a “market perform” rating for the company. Needham & Company LLC dropped their target price on shares of RxSight from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Piper Sandler dropped their target price on shares of RxSight from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $9.44.

RxSight Stock Up 0.9%

Shares of RxSight stock opened at $5.85 on Thursday. The stock has a market capitalization of $242.19 million, a P/E ratio of -5.18 and a beta of 1.24. The company has a 50-day simple moving average of $7.11 and a 200 day simple moving average of $8.93. RxSight has a 12-month low of $5.30 and a 12-month high of $16.74.

Institutional Investors Weigh In On RxSight

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in RxSight by 6.3% in the 1st quarter. Bank of New York Mellon Corp now owns 100,306 shares of the company’s stock valued at $618,000 after acquiring an additional 5,978 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in RxSight in the 1st quarter valued at about $473,000. Summit Securities Group LLC acquired a new stake in RxSight in the 1st quarter valued at about $30,000. Rockefeller Capital Management L.P. increased its position in RxSight by 27.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,848 shares of the company’s stock valued at $248,000 after acquiring an additional 5,203 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in RxSight by 19.7% in the 4th quarter. Corient Private Wealth LLC now owns 36,095 shares of the company’s stock valued at $376,000 after acquiring an additional 5,933 shares in the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.