StockNews.com Downgrades Accuray (NASDAQ:ARAY) to Hold

Accuray (NASDAQ:ARAY) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Accuray Price Performance

Shares of NASDAQ ARAY opened at $1.70 on Friday. The business’s 50 day moving average is $1.86 and its 200-day moving average is $1.83. The firm has a market cap of $170.96 million, a P/E ratio of -10.00 and a beta of 1.40. Accuray has a 1-year low of $1.40 and a 1-year high of $3.05. The company has a current ratio of 1.63, a quick ratio of 0.87 and a debt-to-equity ratio of 3.59.

Accuray (NASDAQ:ARAY) last released its quarterly earnings results on Wednesday, November 6th. The medical equipment provider reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $101.55 million for the quarter, compared to analyst estimates of $98.10 million. Accuray had a negative net margin of 3.72% and a negative return on equity of 36.93%. During the same period last year, the firm earned ($0.03) earnings per share. Equities research analysts predict that Accuray will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Accuray

A number of hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Accuray by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,936 shares of the medical equipment provider’s stock worth $82,000 after purchasing an additional 5,273 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Accuray by 9.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,146 shares of the medical equipment provider’s stock worth $181,000 after acquiring an additional 6,583 shares in the last quarter. Renaissance Technologies LLC increased its stake in Accuray by 0.3% in the second quarter. Renaissance Technologies LLC now owns 2,812,184 shares of the medical equipment provider’s stock valued at $5,118,000 after acquiring an additional 7,500 shares during the last quarter. Bank of New York Mellon Corp raised its position in Accuray by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 279,426 shares of the medical equipment provider’s stock valued at $509,000 after purchasing an additional 8,864 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Accuray by 253,483.3% during the second quarter. Nisa Investment Advisors LLC now owns 15,215 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 15,209 shares during the last quarter. Institutional investors own 64.08% of the company’s stock.

Accuray Company Profile

Accuray Incorporated designs, develops, manufactures, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China. It offers the CyberKnife platform, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate.