ViewRay (NASDAQ:VRAY) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of ViewRay (NASDAQ:VRAYGet Rating) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $2.75 price objective on the stock.

According to Zacks, “ViewRay Inc. is a medical device company. The company develops advanced radiation therapy technology for the treatment of cancer. MRIdian system provides continuous soft-tissue imaging during treatment. ViewRay Inc. is headquartered in Oakwood Village, Ohio. “

VRAY has been the topic of several other research reports. Piper Sandler cut their price objective on ViewRay from $9.00 to $7.00 in a report on Friday, May 6th. Stifel Nicolaus began coverage on ViewRay in a research note on Tuesday, January 25th. They issued a buy rating and a $7.00 target price on the stock. B. Riley upgraded ViewRay from a neutral rating to a buy rating and set a $7.00 target price on the stock in a research note on Tuesday, January 11th. Finally, StockNews.com assumed coverage on ViewRay in a research note on Thursday, March 31st. They set a sell rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Buy and an average price target of $5.94.

Shares of NASDAQ VRAY opened at $2.45 on Wednesday. The stock has a market cap of $442.12 million, a PE ratio of -3.83 and a beta of 1.12. The business has a fifty day moving average of $3.49 and a two-hundred day moving average of $4.56. ViewRay has a 52-week low of $2.39 and a 52-week high of $8.25. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.33 and a current ratio of 3.72.

ViewRay (NASDAQ:VRAYGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $18.88 million during the quarter, compared to analyst estimates of $15.62 million. ViewRay had a negative return on equity of 76.71% and a negative net margin of 148.47%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the company earned ($0.17) earnings per share. Analysts predict that ViewRay will post -0.66 earnings per share for the current year.

In other ViewRay news, Director Susan C. Schnabel bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 10th. The shares were acquired at an average cost of $3.80 per share, with a total value of $38,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Zachary William Stassen bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were acquired at an average cost of $2.68 per share, for a total transaction of $268,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 636,363 shares in the company, valued at approximately $1,705,452.84. The disclosure for this purchase can be found here. Insiders have purchased a total of 160,000 shares of company stock worth $434,500 over the last three months. 4.80% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd acquired a new position in ViewRay in the 3rd quarter valued at $42,000. LPL Financial LLC acquired a new position in ViewRay in the 4th quarter valued at $58,000. Bayesian Capital Management LP acquired a new position in ViewRay in the 4th quarter valued at $63,000. MML Investors Services LLC acquired a new position in ViewRay in the 3rd quarter valued at $87,000. Finally, NexWave Capital Partners LLC acquired a new position in ViewRay in the 4th quarter valued at $66,000. 86.04% of the stock is currently owned by hedge funds and other institutional investors.

About ViewRay (Get Rating)

ViewRay, Inc designs, manufactures, and markets magnetic resonance imaging (MRI) guided radiation therapy systems to image and treat cancer patients in the United States, France, Taiwan, the United Kingdom, and internationally. The company provides MRIdian, which is an MRI guided radiation therapy system that addresses beam distortion, skin toxicity, and other concerns.

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