BidaskClub Downgrades Accuray (ARAY) to Hold

Accuray (NASDAQ:ARAY) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other research analysts have also recently weighed in on ARAY. Royal Bank of Canada reiterated a “hold” rating and set a $5.00 price objective on shares of Accuray in a research report on Thursday, August 24th. Jefferies Group lowered their price objective on Accuray from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 23rd. BTIG Research reiterated a “hold” rating on shares of Accuray in a research report on Thursday, August 24th. Lake Street Capital began coverage on Accuray in a research report on Thursday, November 30th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, Zacks Investment Research upgraded Accuray from a “sell” rating to a “hold” rating in a research report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Accuray presently has a consensus rating of “Hold” and a consensus price target of $6.82.

Accuray (NASDAQ:ARAY) opened at $4.55 on Tuesday. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.48 and a quick ratio of 0.92. Accuray has a 12-month low of $3.60 and a 12-month high of $6.00.

Accuray (NASDAQ:ARAY) last posted its quarterly earnings data on Tuesday, October 24th. The medical equipment provider reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $91.00 million for the quarter, compared to analysts’ expectations of $88.26 million. Accuray had a negative return on equity of 55.18% and a negative net margin of 7.49%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.12) EPS. equities research analysts anticipate that Accuray will post -0.18 earnings per share for the current year.

In related news, COO Kelly Londy sold 99,136 shares of the firm’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $4.24, for a total value of $420,336.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joshua Levine sold 17,093 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $4.86, for a total value of $83,071.98. Following the completion of the transaction, the chief executive officer now owns 1,435,428 shares in the company, valued at approximately $6,976,180.08. The disclosure for this sale can be found here. Insiders sold 125,549 shares of company stock worth $550,135 in the last 90 days. 3.90% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Accuray by 4.4% in the second quarter. Vanguard Group Inc. now owns 6,728,919 shares of the medical equipment provider’s stock worth $31,962,000 after purchasing an additional 281,789 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Accuray by 27.6% in the first quarter. Dimensional Fund Advisors LP now owns 858,013 shares of the medical equipment provider’s stock worth $4,076,000 after purchasing an additional 185,519 shares during the period. Renaissance Technologies LLC increased its position in shares of Accuray by 2.0% in the second quarter. Renaissance Technologies LLC now owns 4,391,000 shares of the medical equipment provider’s stock worth $20,857,000 after purchasing an additional 85,400 shares during the period. Northern Trust Corp boosted its stake in Accuray by 4.5% in the second quarter. Northern Trust Corp now owns 1,048,694 shares of the medical equipment provider’s stock valued at $4,981,000 after buying an additional 45,134 shares in the last quarter. Finally, PDT Partners LLC boosted its stake in Accuray by 60.5% in the second quarter. PDT Partners LLC now owns 156,500 shares of the medical equipment provider’s stock valued at $743,000 after buying an additional 58,985 shares in the last quarter. Institutional investors own 78.86% of the company’s stock.

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About Accuray

Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy.

Analyst Recommendations for Accuray (NASDAQ:ARAY)

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