Viewray (VRAY) Stock Rating Lowered by ValuEngine

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Viewray (NASDAQ:VRAY) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.

Several other research analysts have also issued reports on VRAY. BidaskClub raised Viewray from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Mizuho reaffirmed a “buy” rating and set a $13.00 target price on shares of Viewray in a research report on Monday, August 6th. BTIG Research reaffirmed a “buy” rating and set a $14.00 target price on shares of Viewray in a research report on Tuesday, August 7th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $13.00 target price on shares of Viewray in a research report on Wednesday, October 3rd. Finally, Robert W. Baird started coverage on Viewray in a research report on Thursday, October 18th. They set an “outperform” rating and a $14.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $12.79.

Shares of NASDAQ:VRAY opened at $6.63 on Thursday. Viewray has a 1 year low of $6.05 and a 1 year high of $13.21. The stock has a market cap of $692.65 million, a P/E ratio of -6.38 and a beta of 1.17. The company has a current ratio of 3.33, a quick ratio of 2.64 and a debt-to-equity ratio of 1.17.

Viewray (NASDAQ:VRAY) last announced its earnings results on Thursday, November 8th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.17). Viewray had a negative net margin of 83.84% and a negative return on equity of 353.05%. The business had revenue of $17.70 million for the quarter, compared to analyst estimates of $17.77 million. During the same period in the prior year, the company earned ($0.19) earnings per share. The company’s quarterly revenue was up 45.1% on a year-over-year basis. Research analysts expect that Viewray will post -0.8 EPS for the current fiscal year.

In other news, major shareholder International Ltd Fosun acquired 2,702,702 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were acquired at an average cost of $9.25 per share, with a total value of $24,999,993.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Orbimed Advisors Llc sold 521,607 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $9.95, for a total value of $5,189,989.65. The disclosure for this sale can be found here. 43.93% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its holdings in shares of Viewray by 209.7% in the second quarter. Bank of America Corp DE now owns 14,710 shares of the company’s stock valued at $101,000 after purchasing an additional 9,960 shares during the period. Sei Investments Co. purchased a new stake in shares of Viewray in the second quarter worth about $121,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Viewray in the second quarter worth about $124,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Viewray in the second quarter worth about $131,000. Finally, Voya Investment Management LLC boosted its stake in shares of Viewray by 39.3% in the second quarter. Voya Investment Management LLC now owns 19,006 shares of the company’s stock worth $132,000 after buying an additional 5,364 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

About Viewray

ViewRay, Inc designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company’s software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered.

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