Brainsway (NASDAQ:BWAY) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Brainsway (NASDAQ:BWAY) released its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03), FiscalAI reports. The business had revenue of $17.11 million during the quarter, compared to analyst estimates of $16.54 million. Brainsway had a return on equity of 12.28% and a net margin of 15.68%.

Brainsway Stock Up 4.9%

Shares of NASDAQ BWAY traded up $0.73 during midday trading on Wednesday, reaching $15.71. 276,475 shares of the stock were exchanged, compared to its average volume of 163,647. The firm has a market cap of $630.46 million, a price-to-earnings ratio of 44.89 and a beta of 1.24. Brainsway has a twelve month low of $6.25 and a twelve month high of $17.35. The firm has a 50-day simple moving average of $15.03 and a two-hundred day simple moving average of $14.30.

Hedge Funds Weigh In On Brainsway

Several large investors have recently made changes to their positions in the company. ARK Investment Management LLC purchased a new stake in Brainsway during the fourth quarter worth $2,422,000. Two Sigma Investments LP increased its holdings in Brainsway by 25.2% in the third quarter. Two Sigma Investments LP now owns 102,902 shares of the company’s stock valued at $1,551,000 after buying an additional 20,706 shares in the last quarter. UBS Group AG increased its holdings in Brainsway by 2,028.6% in the third quarter. UBS Group AG now owns 63,878 shares of the company’s stock valued at $963,000 after buying an additional 60,877 shares in the last quarter. Millennium Management LLC raised its position in shares of Brainsway by 69.6% in the third quarter. Millennium Management LLC now owns 39,841 shares of the company’s stock worth $600,000 after acquiring an additional 16,354 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Brainsway by 7.4% in the third quarter. NewEdge Advisors LLC now owns 28,629 shares of the company’s stock worth $431,000 after acquiring an additional 1,964 shares during the period. 30.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BWAY. Weiss Ratings restated a “buy (b-)” rating on shares of Brainsway in a research report on Tuesday, July 21st. HC Wainwright reaffirmed a “buy” rating and set a $14.00 price target on shares of Brainsway in a research report on Friday, July 17th. BTIG Research lifted their price objective on Brainsway from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday. New Street Research reissued a “buy” rating on shares of Brainsway in a report on Friday, July 24th. Finally, Wall Street Zen raised Brainsway from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $16.33.

About Brainsway

Brainsway Ltd is a medical device company specializing in non-invasive neuromodulation therapies. Publicly traded on the NASDAQ under the symbol BWAY, the company develops and commercializes deep transcranial magnetic stimulation (Deep TMS) systems designed to treat a range of neuropsychiatric and neurological disorders. Brainsway’s technology aims to offer an alternative or complement to traditional pharmacological therapies by targeting precise brain regions with its patented coil designs.

The company’s flagship Deep TMS platform utilizes proprietary H-coil arrays engineered to reach deeper cortical structures than conventional TMS devices.