Shares of Accuray Incorporated (NASDAQ:ARAY) were down 8.7% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $3.03 and last traded at $3.06, approximately 2,229,874 shares changed hands during mid-day trading. An increase of 197% from the average daily volume of 751,669 shares. The stock had previously closed at $3.35.
The medical equipment provider reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.05). Accuray had a negative return on equity of 25.91% and a negative net margin of 3.85%. During the same period in the prior year, the company earned ($0.01) EPS.
A number of equities analysts have recently issued reports on ARAY shares. BTIG Research restated a “hold” rating on shares of Accuray in a research report on Wednesday, April 24th. BidaskClub downgraded Accuray from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.13.
In related news, insider Andrew J. Kirkpatrick sold 8,222 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $3.75, for a total transaction of $30,832.50. Following the completion of the sale, the insider now owns 232,414 shares of the company’s stock, valued at $871,552.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joshua Levine sold 56,426 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $3.75, for a total value of $211,597.50. Following the sale, the chief executive officer now directly owns 977,167 shares of the company’s stock, valued at approximately $3,664,376.25. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. grew its stake in Accuray by 46.7% during the fourth quarter. Macquarie Group Ltd. now owns 7,810 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 2,487 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Accuray by 10.9% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,754 shares of the medical equipment provider’s stock valued at $213,000 after acquiring an additional 4,392 shares during the period. Swiss National Bank grew its stake in Accuray by 3.6% in the second quarter. Swiss National Bank now owns 163,600 shares of the medical equipment provider’s stock valued at $633,000 after acquiring an additional 5,700 shares during the period. Bailard Inc. grew its stake in Accuray by 28.6% in the second quarter. Bailard Inc. now owns 27,400 shares of the medical equipment provider’s stock valued at $106,000 after acquiring an additional 6,100 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in Accuray by 0.8% in the second quarter. Jacobs Levy Equity Management Inc. now owns 1,199,211 shares of the medical equipment provider’s stock valued at $4,641,000 after acquiring an additional 9,400 shares during the period. 81.72% of the stock is owned by institutional investors and hedge funds.
The company has a quick ratio of 1.03, a current ratio of 1.71 and a debt-to-equity ratio of 3.06. The stock has a 50 day simple moving average of $3.79 and a 200 day simple moving average of $4.22. The stock has a market cap of $292.67 million, a price-to-earnings ratio of -10.93 and a beta of 1.84.
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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