BTIG Research Has Lowered Expectations for Accuray (NASDAQ:ARAY) Stock Price

Accuray (NASDAQ:ARAY) had its target price reduced by investment analysts at BTIG Research from $4.00 to $2.00 in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. BTIG Research’s price target would suggest a potential upside of 222.58% from the stock’s current price.

ARAY has been the subject of a number of other research reports. Wall Street Zen raised shares of Accuray from a “sell” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Accuray in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.00.

Accuray Trading Up 3.3%

Shares of NASDAQ:ARAY opened at $0.62 on Thursday. The stock’s 50-day simple moving average is $0.88 and its two-hundred day simple moving average is $1.26. The stock has a market capitalization of $70.27 million, a price-to-earnings ratio of -2.14 and a beta of 1.15. Accuray has a 52-week low of $0.54 and a 52-week high of $2.69. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.76 and a current ratio of 1.56.

Accuray (NASDAQ:ARAY) last issued its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The firm had revenue of $102.24 million for the quarter, compared to analysts’ expectations of $100.86 million. Accuray had a negative net margin of 8.15% and a negative return on equity of 57.29%. Analysts expect that Accuray will post 0.01 EPS for the current year.

Institutional Trading of Accuray

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARAY. Public Employees Retirement System of Ohio bought a new position in Accuray in the 3rd quarter worth approximately $35,000. Tower Research Capital LLC TRC boosted its position in shares of Accuray by 604.2% during the second quarter. Tower Research Capital LLC TRC now owns 35,177 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 30,182 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Accuray by 32.4% during the third quarter. BNP Paribas Financial Markets now owns 39,369 shares of the medical equipment provider’s stock valued at $66,000 after acquiring an additional 9,633 shares in the last quarter. Teton Advisors LLC bought a new stake in Accuray in the 3rd quarter valued at $67,000. Finally, R Squared Ltd increased its holdings in Accuray by 94.0% in the 3rd quarter. R Squared Ltd now owns 40,550 shares of the medical equipment provider’s stock valued at $68,000 after acquiring an additional 19,648 shares during the last quarter. Institutional investors own 64.08% of the company’s stock.

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.