Viewray (NASDAQ:VRAY) Shares Up 11.3% Following Strong Earnings

Viewray Inc (NASDAQ:VRAY) shares shot up 11.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $2.76 and last traded at $2.76, 5,531,800 shares changed hands during mid-day trading. An increase of 260% from the average session volume of 1,537,329 shares. The stock had previously closed at $2.48.

The company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.06. Viewray had a negative return on equity of 67.02% and a negative net margin of 128.13%. The business had revenue of $20.90 million during the quarter, compared to the consensus estimate of $20.66 million. During the same period in the previous year, the company posted ($0.39) earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis.

A number of brokerages have recently commented on VRAY. BidaskClub raised Viewray from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 16th. Northland Securities reissued a “buy” rating and set a $5.00 price objective on shares of Viewray in a research report on Monday, August 19th. Zacks Investment Research raised Viewray from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Saturday, October 19th. Jefferies Financial Group lowered their price objective on Viewray from $14.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Oppenheimer began coverage on Viewray in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. Viewray presently has a consensus rating of “Buy” and a consensus price target of $7.30.

In related news, insider James F. Dempsey sold 279,414 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $3.57, for a total value of $997,507.98. Following the completion of the transaction, the insider now directly owns 272,433 shares of the company’s stock, valued at $972,585.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 15.48% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its holdings in Viewray by 6.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company’s stock valued at $202,000 after purchasing an additional 1,460 shares in the last quarter. Stephens Inc. AR boosted its holdings in Viewray by 9.6% in the second quarter. Stephens Inc. AR now owns 17,420 shares of the company’s stock valued at $153,000 after purchasing an additional 1,522 shares in the last quarter. Wrapmanager Inc. boosted its holdings in Viewray by 5.5% in the second quarter. Wrapmanager Inc. now owns 34,699 shares of the company’s stock valued at $306,000 after purchasing an additional 1,797 shares in the last quarter. Bank of Montreal Can boosted its holdings in Viewray by 4,390.1% in the second quarter. Bank of Montreal Can now owns 5,882 shares of the company’s stock valued at $52,000 after purchasing an additional 5,751 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Viewray by 2.3% in the second quarter. Wells Fargo & Company MN now owns 265,935 shares of the company’s stock valued at $2,343,000 after purchasing an additional 5,879 shares in the last quarter.

The stock has a fifty day moving average of $2.70 and a 200-day moving average of $6.03. The company has a quick ratio of 3.01, a current ratio of 4.01 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $266.39 million, a price-to-earnings ratio of -2.82 and a beta of 1.00.

Viewray Company Profile (NASDAQ:VRAY)

ViewRay, Inc designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company’s software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered.

Read More: Trading Strategy Examples and Plans

Receive News & Ratings for Viewray Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Viewray and related companies with MarketBeat.com's FREE daily email newsletter.