Piper Sandler Issues Pessimistic Forecast for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its price target decreased by stock analysts at Piper Sandler from $11.00 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 33.69% from the company’s current price.

A number of other equities analysts have also recently commented on the company. William Blair initiated coverage on RxSight in a report on Friday, January 30th. They set a “market perform” rating for the company. Wolfe Research raised RxSight to an “outperform” rating in a research note on Friday, January 30th. Morgan Stanley raised their price objective on RxSight from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Tuesday, December 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of RxSight in a report on Thursday. Finally, Wells Fargo & Company increased their target price on shares of RxSight from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Two 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. According to MarketBeat.com, RxSight presently has an average rating of “Reduce” and an average price target of $9.89.

RxSight Stock Down 5.6%

RXST opened at $7.48 on Thursday. RxSight has a twelve month low of $6.32 and a twelve month high of $29.00. The company has a 50-day moving average price of $9.35 and a 200 day moving average price of $9.49. The company has a market cap of $308.70 million, a PE ratio of -7.87 and a beta of 1.14.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Brown Capital Management LLC increased its position in RxSight by 18.2% during the second quarter. Brown Capital Management LLC now owns 1,119,240 shares of the company’s stock worth $14,550,000 after purchasing an additional 171,952 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of RxSight in the 2nd quarter valued at approximately $1,431,000. Baillie Gifford & Co. grew its stake in shares of RxSight by 46.4% in the 3rd quarter. Baillie Gifford & Co. now owns 686,316 shares of the company’s stock valued at $6,170,000 after buying an additional 217,371 shares during the period. Squarepoint Ops LLC increased its holdings in shares of RxSight by 138.6% during the 2nd quarter. Squarepoint Ops LLC now owns 374,663 shares of the company’s stock worth $4,871,000 after buying an additional 217,608 shares during the last quarter. Finally, AXQ Capital LP purchased a new stake in shares of RxSight during the 2nd quarter valued at approximately $405,000. Hedge funds and other institutional investors 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.