Varex Imaging (NASDAQ:VREX) Shares Gap Down After Earnings Miss

Varex Imaging Co. (NASDAQ:VREX) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $16.43, but opened at $14.57. Varex Imaging shares last traded at $15.68, with a volume of 273,337 shares traded.

The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $206.20 million during the quarter, compared to analyst estimates of $205.15 million. Varex Imaging had a net margin of 4.90% and a return on equity of 8.34%. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.26 EPS.

Wall Street Analysts Forecast Growth

Separately, TheStreet lowered shares of Varex Imaging from a “b-” rating to a “c” rating in a research report on Tuesday, February 6th.

Hedge Funds Weigh In On Varex Imaging

A number of hedge funds and other institutional investors have recently bought and sold shares of VREX. Versor Investments LP acquired a new position in Varex Imaging during the third quarter worth about $270,000. GSA Capital Partners LLP acquired a new stake in Varex Imaging during the third quarter worth about $1,831,000. AQR Capital Management LLC lifted its position in Varex Imaging by 90.5% during the third quarter. AQR Capital Management LLC now owns 240,677 shares of the company’s stock valued at $4,522,000 after buying an additional 114,306 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Varex Imaging during the 4th quarter worth $20,481,000. Finally, Dark Forest Capital Management LP grew its stake in shares of Varex Imaging by 169.6% in the third quarter. Dark Forest Capital Management LP now owns 40,492 shares of the company’s stock valued at $761,000 after buying an additional 25,470 shares in the last quarter.

Varex Imaging Price Performance

The company has a current ratio of 4.30, a quick ratio of 2.37 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average is $17.32 and its 200-day moving average is $18.49. The stock has a market cap of $632.95 million, a PE ratio of 16.24, a P/E/G ratio of 2.37 and a beta of 0.72.

About Varex Imaging

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.