ViewRay (NASDAQ:VRAY) Trading Up 4.4% After Analyst Upgrade

ViewRay, Inc. (NASDAQ:VRAY)’s share price was up 4.4% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $4.00 to $7.00. Piper Sandler currently has an overweight rating on the stock. ViewRay traded as high as $5.96 and last traded at $5.65. Approximately 2,046,841 shares changed hands during trading, a decline of 72% from the average daily volume of 7,438,935 shares. The stock had previously closed at $5.41.

Several other research firms have also recently issued reports on VRAY. Zacks Investment Research upgraded shares of ViewRay from a “sell” rating to a “hold” rating in a research report on Tuesday, January 5th. ValuEngine cut shares of ViewRay from a “buy” rating to a “hold” rating in a research report on Tuesday, January 5th. BidaskClub lowered shares of ViewRay from a “hold” rating to a “sell” rating in a research note on Tuesday, October 13th. Morgan Stanley increased their target price on shares of ViewRay from $2.00 to $3.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 6th. Finally, B. Riley raised shares of ViewRay from a “neutral” rating to a “buy” rating and increased their target price for the stock from $2.75 to $4.00 in a research note on Wednesday, October 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. ViewRay presently has an average rating of “Hold” and an average price target of $4.14.

In related news, CEO Scott William Drake bought 155,000 shares of the stock in a transaction on Tuesday, November 10th. The stock was bought at an average price of $3.23 per share, with a total value of $500,650.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 15.48% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP boosted its stake in shares of ViewRay by 11.5% in the third quarter. Royce & Associates LP now owns 2,061,784 shares of the company’s stock valued at $7,216,000 after purchasing an additional 212,611 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of ViewRay by 12.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 729,011 shares of the company’s stock valued at $1,633,000 after purchasing an additional 79,583 shares during the period. Essex Investment Management Co. LLC boosted its stake in shares of ViewRay by 3.1% in the third quarter. Essex Investment Management Co. LLC now owns 511,370 shares of the company’s stock valued at $1,790,000 after purchasing an additional 15,375 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of ViewRay by 28.6% in the second quarter. Bank of New York Mellon Corp now owns 488,189 shares of the company’s stock valued at $1,094,000 after purchasing an additional 108,689 shares during the period. Finally, Federated Hermes Inc. purchased a new position in shares of ViewRay in the second quarter valued at approximately $942,000. 83.03% of the stock is owned by institutional investors and hedge funds.

The company’s 50 day moving average price is $4.33 and its 200 day moving average price is $3.29. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.90 and a quick ratio of 3.19. The firm has a market cap of $834.57 million, a PE ratio of -6.31 and a beta of 0.64.

ViewRay (NASDAQ:VRAY) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.02). The company had revenue of $10.09 million during the quarter, compared to analyst estimates of $8.91 million. ViewRay had a negative net margin of 166.74% and a negative return on equity of 63.41%. Sell-side analysts expect that ViewRay, Inc. will post -0.71 earnings per share for the current fiscal year.

About ViewRay (NASDAQ:VRAY)

ViewRay, Inc designs, manufactures, and markets radiation therapy systems. The company offers MRIdian, a magnetic resonance image guided radiation therapy system to image and treat cancer patients. Its MRIdian integrates MRI technology, radiation delivery, and proprietary software to see the soft tissues, shape the dose to accommodate for changes in anatomy, and strike the target using real-time targeting throughout the treatment.

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