Accuray (NASDAQ:ARAY) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Accuray (NASDAQ:ARAY) posted its quarterly earnings data on Wednesday. The medical equipment provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01, Zacks reports. Accuray had a negative net margin of 10.76% and a negative return on equity of 79.43%.

Accuray Trading Down 6.4%

ARAY stock traded down $0.02 during midday trading on Wednesday, reaching $0.29. The company’s stock had a trading volume of 1,294,546 shares, compared to its average volume of 2,082,861. The business’s 50-day simple moving average is $0.28 and its 200-day simple moving average is $0.39. The company has a quick ratio of 0.66, a current ratio of 1.42 and a debt-to-equity ratio of 3.21. Accuray has a 52 week low of $0.22 and a 52 week high of $2.10. The stock has a market cap of $35.07 million, a PE ratio of -0.80 and a beta of 1.39.

Analyst Upgrades and Downgrades

ARAY has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Accuray in a research report on Tuesday, August 4th. BTIG Research reiterated a “neutral” rating on shares of Accuray in a report on Wednesday, July 8th. Finally, Jefferies Financial Group lowered Accuray from a “buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Accuray has a consensus rating of “Reduce” and a consensus price target of $2.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new stake in Accuray in the third quarter valued at about $35,000. Tower Research Capital LLC TRC boosted its holdings in 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 worth $48,000 after buying an additional 30,182 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Accuray by 32.4% during the third quarter. BNP Paribas Financial Markets now owns 39,369 shares of the medical equipment provider’s stock worth $66,000 after buying an additional 9,633 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Accuray during the 3rd quarter worth about $73,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Accuray during the 4th quarter worth about $41,000. 64.08% of the stock is currently owned by institutional investors.

Accuray Company Profile

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.