JPMorgan Chase & Co. Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its price target lowered by JPMorgan Chase & Co. from $62.00 to $40.00 in a note issued to investors 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 41.79% from the company’s previous close.

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

RxSight Stock Performance

Shares of RxSight stock opened at $28.21 on Wednesday. The stock has a 50 day moving average price of $32.41 and a 200-day moving average price of $43.26. RxSight has a one year low of $26.29 and a one year high of $66.54. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -33.99 and a beta of 1.19.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data 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 firm had revenue of $40.21 million for the quarter, compared to analysts’ expectations of $40.23 million. Sell-side analysts predict that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On RxSight

A number of institutional investors have recently added to or reduced their stakes in RXST. Nisa Investment Advisors LLC raised its holdings in RxSight by 854.1% in 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 in the last quarter. Quarry LP raised its stake in shares of RxSight by 82.3% during the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after acquiring an additional 288 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in RxSight during the third quarter valued at approximately $34,000. Private Trust Co. NA purchased a new stake in RxSight during the fourth quarter valued at approximately $34,000. Finally, State of Wyoming acquired a new stake in RxSight in the fourth quarter valued at approximately $37,000. Institutional investors own 78.78% of the company’s stock.

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.