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

RxSight (NASDAQ:RXST) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $62.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 41.79% from the company’s previous close.

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

RxSight Trading Down 2.6 %

Shares of NASDAQ:RXST opened at $28.21 on Wednesday. RxSight has a 12-month low of $26.29 and a 12-month high of $66.54. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -33.99 and a beta of 1.19. The business has a 50-day moving average price of $32.41 and a 200 day moving average price of $43.26.

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

Insiders Place Their Bets

In other RxSight news, Director Jesse Anderson Corley bought 1,443 shares of the company’s stock in a transaction that occurred 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 completion of the acquisition, the director now directly owns 1,443 shares of the company’s stock, valued at $44,992.74. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Shweta Maniar sold 3,519 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the sale, the director now owns 7,383 shares in the company, valued at approximately $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its stake in RxSight by 854.1% during the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Quarry LP increased its stake in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in RxSight during the third quarter worth approximately $34,000. Private Trust Co. NA purchased a new stake in shares of RxSight during the 4th quarter worth approximately $34,000. Finally, State of Wyoming acquired a new position in shares of RxSight in the 4th quarter valued at $37,000. Hedge funds and other institutional investors 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.