Accuray (NASDAQ:ARAY) Releases Quarterly Earnings Results, Meets Estimates

Accuray (NASDAQ:ARAY) released its earnings results on Wednesday. The medical equipment provider reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11), FiscalAI reports. Accuray had a negative net margin of 4.28% and a negative return on equity of 34.06%. The business had revenue of $102.24 million for the quarter, compared to analysts’ expectations of $100.86 million.

Accuray Stock Up 0.3%

NASDAQ:ARAY traded up $0.00 during trading hours on Wednesday, hitting $0.75. The stock had a trading volume of 744,041 shares, compared to its average volume of 661,340. The company has a market cap of $85.46 million, a PE ratio of -4.71 and a beta of 1.15. The business has a 50 day simple moving average of $0.90 and a two-hundred day simple moving average of $1.27. Accuray has a 1-year low of $0.72 and a 1-year high of $2.95. The company has a current ratio of 1.56, a quick ratio of 0.76 and a debt-to-equity ratio of 2.06.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ARAY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Accuray in a report on Monday, December 29th. BTIG Research cut their target price on Accuray from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, Wall Street Zen raised Accuray from a “sell” rating to a “hold” rating in a research report on Monday, January 5th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.00.

Institutional Investors Weigh In On Accuray

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Accuray by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 5,476,677 shares of the medical equipment provider’s stock valued at $9,146,000 after buying an additional 106,087 shares during the last quarter. Armistice Capital LLC lifted its stake in shares of Accuray by 2.7% in the third quarter. Armistice Capital LLC now owns 3,324,000 shares of the medical equipment provider’s stock worth $5,551,000 after acquiring an additional 88,000 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Accuray by 7.8% in the second quarter. Geode Capital Management LLC now owns 2,421,724 shares of the medical equipment provider’s stock worth $3,318,000 after acquiring an additional 174,703 shares in the last quarter. TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new position in Accuray in the second quarter valued at about $2,055,000. Finally, Citadel Advisors LLC grew its stake in Accuray by 9,301.4% during the 3rd quarter. Citadel Advisors LLC now owns 662,499 shares of the medical equipment provider’s stock valued at $1,106,000 after purchasing an additional 669,699 shares in the last quarter. Hedge funds and other institutional investors own 64.08% of the company’s stock.

About Accuray

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.