Shares of Accuray Incorporated (NASDAQ:ARAY) gapped up prior to trading on Tuesday . The stock had previously closed at $4.30, but opened at $4.80. Accuray shares last traded at $5.05, with a volume of 3179900 shares trading hands.

ARAY has been the subject of several recent analyst reports. BidaskClub cut Accuray from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Royal Bank Of Canada reissued a “hold” rating and issued a $5.00 price target on shares of Accuray in a report on Thursday, August 24th. Jefferies Group LLC dropped their price objective on Accuray from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, August 23rd. Zacks Investment Research raised Accuray from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a research note on Tuesday, October 24th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Accuray in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $6.29.

The company has a quick ratio of 0.92, a current ratio of 1.48 and a debt-to-equity ratio of 2.44.

Accuray (NASDAQ:ARAY) last released its quarterly earnings data on Tuesday, October 24th. The medical equipment provider reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. Accuray had a negative return on equity of 55.18% and a negative net margin of 7.49%. The firm had revenue of $91.00 million during the quarter, compared to the consensus estimate of $88.26 million. During the same period last year, the business posted ($0.12) EPS. Accuray’s quarterly revenue was up 5.2% on a year-over-year basis. equities research analysts forecast that Accuray Incorporated will post -0.18 earnings per share for the current fiscal year.

In related news, COO Kelly Londy sold 99,136 shares of the firm’s stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $4.24, for a total value of $420,336.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.90% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Accuray by 27.6% during the first quarter. Dimensional Fund Advisors LP now owns 858,013 shares of the medical equipment provider’s stock worth $4,076,000 after buying an additional 185,519 shares in the last quarter. Vanguard Group Inc. increased its position in Accuray by 4.4% during the second quarter. Vanguard Group Inc. now owns 6,728,919 shares of the medical equipment provider’s stock worth $31,962,000 after buying an additional 281,789 shares in the last quarter. Renaissance Technologies LLC increased its position in Accuray by 2.0% during the second quarter. Renaissance Technologies LLC now owns 4,391,000 shares of the medical equipment provider’s stock worth $20,857,000 after buying an additional 85,400 shares in the last quarter. PDT Partners LLC increased its position in Accuray by 60.5% during the second quarter. PDT Partners LLC now owns 156,500 shares of the medical equipment provider’s stock worth $743,000 after buying an additional 58,985 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Accuray by 13.4% during the second quarter. Russell Investments Group Ltd. now owns 773,480 shares of the medical equipment provider’s stock worth $3,673,000 after buying an additional 91,267 shares in the last quarter. 75.68% of the stock is owned by institutional investors.

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About Accuray

Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy.

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