Accuray (NASDAQ:ARAY) Announces Earnings Results, Beats Expectations By $0.01 EPS

Accuray (NASDAQ:ARAY) announced its earnings results on Wednesday. The medical equipment provider reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01, Zacks reports. Accuray had a negative net margin of 10.76% and a negative return on equity of 79.43%.

Accuray Stock Performance

Shares of NASDAQ ARAY traded down $0.02 during midday trading on Wednesday, hitting $0.29. 1,294,546 shares of the company’s stock were exchanged, compared to its average volume of 2,082,861. The company has a quick ratio of 0.66, a current ratio of 1.42 and a debt-to-equity ratio of 3.21. The firm has a market capitalization of $35.07 million, a PE ratio of -0.80 and a beta of 1.39. Accuray has a 12 month low of $0.22 and a 12 month high of $2.10. The company’s 50 day moving average price is $0.28 and its 200 day moving average price is $0.39.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its holdings in shares of Accuray by 762.3% during the first quarter. AQR Capital Management LLC now owns 162,922 shares of the medical equipment provider’s stock worth $292,000 after buying an additional 144,029 shares in the last quarter. Jane Street Group LLC raised its position in Accuray by 429.3% during the first quarter. Jane Street Group LLC now owns 91,944 shares of the medical equipment provider’s stock valued at $165,000 after purchasing an additional 74,574 shares in the last quarter. Geode Capital Management LLC grew its position in Accuray by 7.8% in the second quarter. Geode Capital Management LLC now owns 2,421,724 shares of the medical equipment provider’s stock valued at $3,318,000 after acquiring an additional 174,703 shares during the last quarter. Marshall Wace LLP acquired a new position in Accuray during the second quarter worth about $820,000. Finally, Sei Investments Co. grew its stake in shares of Accuray by 83.0% during the second quarter. Sei Investments Co. now owns 93,843 shares of the medical equipment provider’s stock worth $129,000 after buying an additional 42,557 shares during the last quarter. 64.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ARAY has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Accuray in a report on Tuesday, August 4th. Jefferies Financial Group downgraded Accuray from a “buy” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, BTIG Research restated a “neutral” rating on shares of Accuray in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

About Accuray

Accuray Incorporated (NASDAQ: ARAY) is a global medical device company that develops, manufactures and markets innovative radiation therapy solutions for the treatment of cancer. The company’s flagship products include the CyberKnife® System, a robotic radiosurgery platform offering sub-millimeter precision, and the TomoTherapy® System, which combines helical computed tomography (CT) imaging with intensity-modulated radiation therapy (IMRT). More recently, Accuray introduced the Radixact® System, an advanced iteration of its TomoTherapy technology designed to enhance treatment speed and clinical workflow.

Accuray’s suite of products enables clinicians to deliver highly targeted radiation doses while minimizing exposure to surrounding healthy tissue.