Stifel Nicolaus Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its target price reduced by equities researchers at Stifel Nicolaus from $17.00 to $9.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 37.59% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. UBS Group cut RxSight from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $45.00 to $16.00 in a report on Wednesday, April 9th. Bank of America restated an “underperform” rating and set a $22.00 price target (down from $36.00) on shares of RxSight in a research report on Thursday, April 3rd. Piper Sandler initiated coverage on RxSight in a research report on Tuesday, April 15th. They set a “neutral” rating and a $18.00 price target on the stock. BTIG Research restated a “neutral” rating on shares of RxSight in a research report on Wednesday. Finally, Wells Fargo & Company lowered RxSight from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $25.00 to $9.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, RxSight presently has a consensus rating of “Hold” and an average price target of $32.30.

RxSight Price Performance

RXST opened at $6.54 on Wednesday. RxSight has a 1 year low of $6.29 and a 1 year high of $58.23. The stock’s 50 day simple moving average is $14.40 and its 200 day simple moving average is $22.48. The firm has a market cap of $265.83 million, a price-to-earnings ratio of -9.57 and a beta of 1.21.

RxSight (NASDAQ:RXST) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). RxSight had a negative return on equity of 9.54% and a negative net margin of 17.90%. The business had revenue of $37.90 million during the quarter, compared to analysts’ expectations of $38.74 million. During the same quarter last year, the business posted ($0.25) EPS. The business’s revenue was up 28.5% on a year-over-year basis. As a group, sell-side analysts anticipate that RxSight will post -0.7 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RXST. State of Wyoming purchased a new position in RxSight during the fourth quarter valued at $37,000. Coppell Advisory Solutions LLC increased its position in RxSight by 108.9% during the fourth 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 last quarter. Russell Investments Group Ltd. increased its position in RxSight by 161.2% during the first quarter. Russell Investments Group Ltd. now owns 4,091 shares of the company’s stock valued at $103,000 after acquiring an additional 2,525 shares during the last quarter. AlphaQuest LLC grew its holdings in RxSight by 65.7% during the fourth quarter. AlphaQuest LLC now owns 5,086 shares of the company’s stock valued at $175,000 after purchasing an additional 2,017 shares during the period. Finally, Two Sigma Securities LLC bought a new stake in RxSight during the fourth quarter valued at about $200,000. Hedge funds and other 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.