Short Interest in Accuray Incorporated (NASDAQ:ARAY) Expands By 20.6%

Accuray Incorporated (NASDAQ:ARAY) was the target of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 6,598,752 shares, a growth of 20.6% from the February 26th total of 5,471,116 shares. Approximately 5.8% of the shares of the company are sold short. Based on an average trading volume of 1,534,107 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Trading of Accuray

Several hedge funds and other institutional investors have recently made changes to their positions in ARAY. Weber Capital Management LLC ADV purchased a new position in Accuray during the fourth quarter worth about $4,169,000. TCW Group Inc. boosted its holdings in Accuray by 29.9% in the 4th quarter. TCW Group Inc. now owns 15,467,952 shares of the medical equipment provider’s stock valued at $12,684,000 after purchasing an additional 3,558,595 shares in the last quarter. TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new position in Accuray during the 2nd quarter worth approximately $2,055,000. Armistice Capital LLC increased its position in Accuray by 35.4% during the 4th quarter. Armistice Capital LLC now owns 4,500,000 shares of the medical equipment provider’s stock worth $3,711,000 after purchasing an additional 1,176,000 shares during the period. Finally, Silverback Asset Management LLC raised its stake in shares of Accuray by 1,588.4% during the 2nd quarter. Silverback Asset Management LLC now owns 1,166,054 shares of the medical equipment provider’s stock worth $1,597,000 after buying an additional 1,096,993 shares in the last quarter. Hedge funds and other institutional investors own 64.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ARAY. BTIG Research reduced their price target on shares of Accuray from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Accuray in a research report on Monday, December 29th. Finally, Wall Street Zen lowered shares of Accuray from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.00.

Accuray Trading Up 0.2%

NASDAQ:ARAY opened at $0.39 on Thursday. The firm has a market cap of $46.18 million, a P/E ratio of -1.34 and a beta of 1.32. The company has a current ratio of 1.47, a quick ratio of 0.71 and a debt-to-equity ratio of 2.34. The stock’s 50 day simple moving average is $0.55 and its 200-day simple moving average is $0.99. Accuray has a 12-month low of $0.33 and a 12-month high of $2.10.

Accuray (NASDAQ:ARAY) last issued its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Accuray had a negative return on equity of 59.81% and a negative net margin of 8.15%.The firm had revenue of $102.24 million during the quarter, compared to the consensus estimate of $100.86 million. Equities analysts anticipate that Accuray will post 0.01 EPS for the current year.

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.