Accuray Stock to Reverse Split on Monday, November 9th (NASDAQ:ARAY)

Accuray Incorporated (NASDAQ:ARAY) shares are set to reverse split on Monday, November 9th. The 1-40 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, November 8th.

Accuray Trading Down 20.9%

Shares of ARAY opened at $0.12 on Thursday. Accuray has a fifty-two week low of $0.12 and a fifty-two week high of $1.30. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.74 and a current ratio of 1.50. The company’s fifty day moving average is $0.22 and its 200 day moving average is $0.36. The stock has a market capitalization of $14.11 million, a PE ratio of -0.31 and a beta of 1.38.

Accuray (NASDAQ:ARAY) last issued its quarterly earnings data on Wednesday, August 19th. The medical equipment provider reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $100.92 million for the quarter, compared to the consensus estimate of $105.30 million. Accuray had a negative return on equity of 97.85% and a negative net margin of 12.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings cut shares of Accuray from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 1st. BTIG Research dropped coverage on shares of Accuray in a research report on Wednesday, July 8th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Institutional Trading of Accuray

Several institutional investors and hedge funds have recently modified their holdings of ARAY. Williams & Novak LLC lifted its position in shares of Accuray by 30.9% during the second quarter. Williams & Novak LLC now owns 238,230 shares of the medical equipment provider’s stock worth $61,000 after purchasing an additional 56,200 shares in the last quarter. Williams & Novak Wealth Management LLC increased its stake in Accuray by 27.3% during the 3rd quarter. Williams & Novak Wealth Management LLC now owns 303,330 shares of the medical equipment provider’s stock valued at $82,000 after buying an additional 65,100 shares during the period. Bank of America Corp DE bought a new stake in Accuray in the second quarter worth about $28,000. Hsbc Holdings PLC acquired a new position in shares of Accuray in the 2nd quarter valued at $29,000. Finally, Silverback Asset Management LLC boosted its position in shares of Accuray by 7.7% in the first quarter. Silverback Asset Management LLC now owns 1,650,000 shares of the medical equipment provider’s stock worth $640,000 after buying an additional 117,481 shares during the period. Hedge funds and other institutional investors own 64.08% of the company’s stock.

About Accuray

Accuray Incorporated develops, manufactures and supports radiation oncology systems used to treat cancer. The company focuses on precision radiotherapy technologies designed to deliver targeted radiation while helping clinicians manage treatment complexity and limit exposure to surrounding healthy tissue.

Its principal product platforms include the CyberKnife System, a robotic, image-guided radiation therapy system used for radiosurgery and stereotactic body radiation therapy, and the Radixact System, an image-guided tomotherapy platform designed to deliver highly conformal radiation treatments.