BidaskClub Downgrades Accuray (NASDAQ:ARAY) to Sell

BidaskClub lowered shares of Accuray (NASDAQ:ARAY) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

A number of other analysts have also recently issued reports on the company. TheStreet upgraded Accuray from a d rating to a c- rating in a report on Tuesday, January 28th. BTIG Research upgraded Accuray from a neutral rating to a buy rating and set a $9.50 target price for the company in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $6.75.

Shares of NASDAQ:ARAY opened at $3.52 on Tuesday. The company has a debt-to-equity ratio of 3.77, a quick ratio of 1.16 and a current ratio of 1.90. Accuray has a 1 year low of $2.35 and a 1 year high of $5.40. The stock has a market capitalization of $327.49 million, a P/E ratio of -175.91 and a beta of 1.96. The stock has a 50-day simple moving average of $3.31 and a 200-day simple moving average of $3.01.

Accuray (NASDAQ:ARAY) last issued its earnings results on Tuesday, January 28th. The medical equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.19. Accuray had a negative return on equity of 23.59% and a negative net margin of 0.30%. The business had revenue of $98.83 million during the quarter, compared to analysts’ expectations of $98.45 million. During the same quarter in the previous year, the business earned ($0.05) EPS. Analysts predict that Accuray will post -0.09 earnings per share for the current year.

In related news, CFO Shigeyuki Hamamatsu sold 10,563 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $2.70, for a total transaction of $28,520.10. Following the transaction, the chief financial officer now directly owns 185,644 shares of the company’s stock, valued at approximately $501,238.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joshua Levine sold 17,587 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $2.88, for a total value of $50,650.56. Insiders have sold a total of 30,068 shares of company stock worth $84,695 over the last three months. 3.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in Accuray by 0.7% during the 4th quarter. Renaissance Technologies LLC now owns 4,926,313 shares of the medical equipment provider’s stock worth $13,892,000 after acquiring an additional 35,804 shares in the last quarter. Archon Capital Management LLC lifted its position in Accuray by 2.2% during the 4th quarter. Archon Capital Management LLC now owns 4,364,484 shares of the medical equipment provider’s stock worth $12,308,000 after acquiring an additional 95,888 shares in the last quarter. Heartland Advisors Inc. lifted its position in Accuray by 0.8% during the 4th quarter. Heartland Advisors Inc. now owns 3,512,350 shares of the medical equipment provider’s stock worth $9,905,000 after acquiring an additional 29,550 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Accuray by 20.8% during the 4th quarter. Russell Investments Group Ltd. now owns 3,447,656 shares of the medical equipment provider’s stock worth $9,719,000 after acquiring an additional 593,349 shares in the last quarter. Finally, Royce & Associates LP lifted its position in Accuray by 10.0% during the 4th quarter. Royce & Associates LP now owns 2,058,729 shares of the medical equipment provider’s stock worth $5,806,000 after acquiring an additional 186,917 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

About Accuray

Accuray Incorporated designs, develops, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the body. The company offers the CyberKnife System, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of various types of cancer and tumors in the body.

Further Reading: Recession

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