Accuray (NASDAQ:ARAY) Releases Quarterly Earnings Results, Meets Expectations

Accuray (NASDAQ:ARAY) announced its quarterly earnings data on Wednesday. The medical equipment provider reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11), FiscalAI reports. Accuray had a negative net margin of 4.28% and a negative return on equity of 34.06%. The company had revenue of $102.24 million for the quarter, compared to analysts’ expectations of $100.86 million.

Accuray Price Performance

Shares of Accuray stock traded up $0.00 on Wednesday, hitting $0.75. The company’s stock had a trading volume of 744,041 shares, compared to its average volume of 661,340. The company has a market capitalization of $85.46 million, a P/E ratio of -4.71 and a beta of 1.15. Accuray has a 52-week low of $0.72 and a 52-week high of $2.95. The firm has a fifty day moving average price of $0.90 and a 200-day moving average price of $1.27. The company has a quick ratio of 0.76, a current ratio of 1.56 and a debt-to-equity ratio of 2.06.

Wall Street Analysts Forecast Growth

ARAY has been the subject of several analyst reports. Wall Street Zen raised shares of Accuray from a “sell” rating to a “hold” rating in a report on Monday, January 5th. BTIG Research decreased their price target on Accuray from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Accuray in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Accuray has an average rating of “Hold” and a consensus price target of $4.00.

Institutional Trading of Accuray

Several institutional investors and hedge funds have recently modified their holdings of ARAY. Public Employees Retirement System of Ohio purchased a new position in shares of Accuray during the 3rd quarter worth approximately $35,000. Tower Research Capital LLC TRC lifted its stake in shares of Accuray by 604.2% during the second quarter. Tower Research Capital LLC TRC now owns 35,177 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 30,182 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Accuray by 32.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 39,369 shares of the medical equipment provider’s stock worth $66,000 after purchasing an additional 9,633 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Accuray during the third quarter worth $73,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Accuray by 408.0% in the third quarter. Envestnet Asset Management Inc. now owns 59,204 shares of the medical equipment provider’s stock valued at $99,000 after purchasing an additional 47,550 shares during the period. Hedge funds and other institutional investors own 64.08% of the company’s stock.

About Accuray

Accuray Incorporated (NASDAQ: ARAY) is a global medical device company that develops, manufactures and markets innovative radiation therapy solutions for the treatment of cancer. The company’s flagship products include the CyberKnife® System, a robotic radiosurgery platform offering sub-millimeter precision, and the TomoTherapy® System, which combines helical computed tomography (CT) imaging with intensity-modulated radiation therapy (IMRT). More recently, Accuray introduced the Radixact® System, an advanced iteration of its TomoTherapy technology designed to enhance treatment speed and clinical workflow.

Accuray’s suite of products enables clinicians to deliver highly targeted radiation doses while minimizing exposure to surrounding healthy tissue.