BidaskClub Upgrades Accuray (NASDAQ:ARAY) to “Hold”

BidaskClub upgraded shares of Accuray (NASDAQ:ARAY) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

ARAY has been the topic of a number of other research reports. Zacks Investment Research lowered Accuray from a buy rating to a hold rating in a research note on Friday, February 15th. BTIG Research reiterated a hold rating on shares of Accuray in a research note on Wednesday, April 24th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Accuray has an average rating of Hold and a consensus target price of $5.13.

ARAY stock opened at $3.54 on Tuesday. The company has a debt-to-equity ratio of 3.06, a quick ratio of 1.03 and a current ratio of 1.71. Accuray has a twelve month low of $3.00 and a twelve month high of $5.40. The firm has a market capitalization of $316.87 million, a price-to-earnings ratio of -12.64 and a beta of 1.91.

Accuray (NASDAQ:ARAY) last released its earnings results on Tuesday, April 23rd. The medical equipment provider reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Accuray had a negative return on equity of 25.91% and a negative net margin of 3.85%. The business had revenue of $103.22 million for the quarter, compared to analyst estimates of $104.02 million. Sell-side analysts predict that Accuray will post -0.16 earnings per share for the current fiscal year.

In other news, CEO Joshua Levine sold 6,604 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $4.54, for a total transaction of $29,982.16. Following the transaction, the chief executive officer now owns 1,033,593 shares in the company, valued at $4,692,512.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in ARAY. Norges Bank purchased a new position in shares of Accuray during the fourth quarter valued at $3,287,000. D. E. Shaw & Co. Inc. increased its stake in shares of Accuray by 58.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,015,496 shares of the medical equipment provider’s stock valued at $6,873,000 after buying an additional 741,493 shares during the period. Acadian Asset Management LLC increased its stake in shares of Accuray by 429.2% during the first quarter. Acadian Asset Management LLC now owns 746,860 shares of the medical equipment provider’s stock valued at $3,562,000 after buying an additional 605,743 shares during the period. Cadence Capital Management LLC purchased a new position in shares of Accuray during the first quarter valued at $2,307,000. Finally, Millennium Management LLC increased its stake in shares of Accuray by 59.7% during the fourth quarter. Millennium Management LLC now owns 1,257,268 shares of the medical equipment provider’s stock valued at $4,287,000 after buying an additional 470,087 shares during the period. Hedge funds and other institutional investors own 81.24% of the company’s stock.

About Accuray

Accuray Incorporated designs, develops, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the body. The company offers the CyberKnife System, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of various types of cancer and tumors in the body.

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