RxSight (RXST) Plunges 8.51% After UBS Downgrade

RxSight (RXST) shares plummeted 8.51% today, hitting their lowest level since March 2023, with an intraday decline of 9.61%.

UBS recently downgraded RxSight's stock from "Buy" to "Neutral" and lowered its price target from $45 to $16. This decision was driven by the company's preliminary Q1 revenue, which fell short of expectations, and a reduction in near-term sales growth projections. The downgrade has had a significant impact on investor sentiment, contributing to the stock's decline.

RxSight's Q1 performance was disappointing, with earnings missing expectations. Following this, the company revised its outlook downward, further weighing on the stock. The combination of weak Q1 results and a reduced outlook has raised concerns about the company's financial health and future prospects.

Analysts have issued a range of ratings for RxSight, including "sell," "hold," and "buy," with an average rating of "Hold" and an average target price of $39.78. This mixed sentiment reflects the uncertainty surrounding the company's future performance, as investors grapple with the recent setbacks and revised outlook. The varied ratings underscore the challenges RxSight faces in regaining investor confidence and stabilizing its stock price.