Accuray (ARAY) Sees Unusually-High Trading Volume

Accuray Incorporated (NASDAQ:ARAY) shares saw an uptick in trading volume on Thursday . 5,845,400 shares changed hands during mid-day trading, an increase of 758% from the previous session’s volume of 680,953 shares.The stock last traded at $4.60 and had previously closed at $4.00.

A number of brokerages have commented on ARAY. BTIG Research reaffirmed a “hold” rating on shares of Accuray in a report on Wednesday, August 22nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Accuray in a report on Friday, August 17th. Citigroup decreased their price objective on Accuray from $4.00 to $3.50 and set a “sell” rating on the stock in a report on Friday, August 17th. BidaskClub lowered Accuray from a “sell” rating to a “strong sell” rating in a report on Friday, August 17th. Finally, Zacks Investment Research raised Accuray from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 3rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $6.68.

The firm has a market capitalization of $358.92 million, a PE ratio of -16.50 and a beta of 1.76. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.68 and a quick ratio of 1.04.

Accuray (NASDAQ:ARAY) last released its earnings results on Thursday, August 16th. The medical equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $113.79 million for the quarter, compared to analyst estimates of $108.45 million. Accuray had a negative return on equity of 43.31% and a negative net margin of 5.90%. During the same period in the prior year, the firm posted ($0.04) EPS. equities research analysts anticipate that Accuray Incorporated will post -0.1 EPS for the current year.

In related news, SVP Alaleh Nouri sold 8,559 shares of the company’s stock in a transaction on Tuesday, July 3rd. The stock was 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 in the company, valued at approximately $799,369.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joshua Levine sold 34,235 shares of the company’s stock in a transaction on Tuesday, July 3rd. The stock was sold at an average price of $4.08, for a total value of $139,678.80. Following the sale, the chief executive officer now owns 1,392,518 shares of the company’s stock, valued at $5,681,473.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,059 shares of company stock worth $232,801. 3.90% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in ARAY. Russell Investments Group Ltd. lifted its position in shares of Accuray by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 4,433,167 shares of the medical equipment provider’s stock worth $22,166,000 after buying an additional 2,000,211 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Accuray by 6,287.6% during the 1st quarter. Legal & General Group Plc now owns 1,361,381 shares of the medical equipment provider’s stock worth $6,807,000 after buying an additional 1,340,068 shares during the last quarter. BlackRock Inc. lifted its position in shares of Accuray by 10.0% during the 1st quarter. BlackRock Inc. now owns 8,090,671 shares of the medical equipment provider’s stock worth $40,454,000 after buying an additional 737,107 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Accuray by 41.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,874,105 shares of the medical equipment provider’s stock worth $9,371,000 after buying an additional 553,814 shares during the last quarter. Finally, Systematic Financial Management LP bought a new stake in shares of Accuray during the 2nd quarter worth $1,064,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Accuray Company Profile (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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