Accuray (ARAY) Sees Strong Trading Volume Following Earnings Beat

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Accuray Incorporated (NASDAQ:ARAY) saw an uptick in trading volume on Friday after the company announced better than expected quarterly earnings. 1,585,647 shares were traded during mid-day trading, an increase of 138% from the previous session’s volume of 665,301 shares.The stock last traded at $3.88 and had previously closed at $3.53.

The medical equipment provider reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Accuray had a negative net margin of 7.00% and a negative return on equity of 52.91%. The company had revenue of $113.79 million during the quarter, compared to analysts’ expectations of $108.45 million. During the same quarter last year, the company posted ($0.04) EPS.

Several equities research analysts have recently issued reports on ARAY shares. BidaskClub raised shares of Accuray from a “sell” rating to a “hold” rating in a research report on Thursday, April 26th. Jefferies Financial Group reaffirmed a “buy” rating and set a $6.00 price objective on shares of Accuray in a research report on Friday. ValuEngine raised shares of Accuray from a “sell” rating to a “hold” rating in a research report on Friday, May 18th. Zacks Investment Research raised shares of Accuray from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Citigroup decreased their price objective on shares of Accuray from $4.00 to $3.50 and set a “sell” rating for the company in a research report on Friday. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $6.68.

In related news, CEO Joshua Levine sold 34,235 shares of the business’s stock in a transaction on Tuesday, July 3rd. The shares were sold at an average price of $4.08, for a total value of $139,678.80. Following the completion of the sale, the chief executive officer now directly owns 1,392,518 shares of the company’s stock, valued at $5,681,473.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Alaleh Nouri sold 8,559 shares of the business’s stock in a transaction on Tuesday, July 3rd. The shares were sold at an average price of $4.08, for a total transaction of $34,920.72. Following the completion of the sale, the senior vice president now directly owns 195,924 shares of the company’s stock, valued at $799,369.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,059 shares of company stock valued at $232,801. Corporate insiders own 3.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in ARAY. Sei Investments Co. purchased a new stake in Accuray in the first quarter valued at $107,000. First Trust Advisors LP lifted its position in Accuray by 113.1% in the second quarter. First Trust Advisors LP now owns 27,337 shares of the medical equipment provider’s stock valued at $112,000 after acquiring an additional 14,508 shares during the last quarter. KBC Group NV purchased a new stake in Accuray in the second quarter valued at $112,000. Element Capital Management LLC purchased a new stake in Accuray in the first quarter valued at $141,000. Finally, Redmile Group LLC purchased a new stake in Accuray in the first quarter valued at $145,000. 85.17% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $329.71 million, a price-to-earnings ratio of -10.76 and a beta of 1.64. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.97 and a current ratio of 1.62.

About Accuray (NASDAQ:ARAY)

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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