RxSight (NASDAQ:RXST) Receives “Buy” Rating from Needham & Company LLC

RxSight (NASDAQ:RXST)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $43.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 64.62% from the company’s current price.

A number of other research firms also recently weighed in on RXST. JPMorgan Chase & Co. decreased their price target on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Stifel Nicolaus decreased their price target on RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 19th. Bank of America lowered their price objective on RxSight from $60.00 to $36.00 and set a “buy” rating for the company in a report on Friday, March 21st. UBS Group started coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on RxSight from $40.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

RxSight Stock Performance

RXST stock opened at $26.12 on Thursday. The firm has a market cap of $1.06 billion, a P/E ratio of -31.47 and a beta of 1.22. RxSight has a 1 year low of $18.33 and a 1 year high of $66.54. The stock has a 50-day simple moving average of $28.77 and a 200-day simple moving average of $38.46.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.25). The firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. On average, equities research analysts predict that RxSight will post -0.7 EPS for the current year.

Insider Activity at RxSight

In other RxSight news, Director Jesse Anderson Corley bought 1,443 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were purchased at an average price of $31.18 per share, with a total value of $44,992.74. Following the purchase, the director now directly owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tamara Fountain sold 7,000 shares of the business’s 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 transaction, the director now owns 24,793 shares of the company’s stock, valued at $637,428.03. This trade represents a 22.02 % decrease in their position. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by insiders.

Institutional Trading of RxSight

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP increased its stake in shares of RxSight by 82.3% during the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after acquiring an additional 288 shares during the period. Private Trust Co. NA acquired a new position in shares of RxSight during the 4th quarter valued at $34,000. State of Wyoming acquired a new position in shares of RxSight during the 4th quarter valued at $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 worth $44,000 after buying an additional 672 shares in the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in RxSight during the fourth quarter valued at about $46,000. 78.78% of the stock is currently owned by 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.