Varex Imaging (NASDAQ:VREX) Hits New 52-Week High – What’s Next?

Varex Imaging (NASDAQ:VREX)’s share price hit a new 52-week high during trading on Wednesday. The stock traded as high as $18.65 and last traded at $18.4770, with a volume of 106 shares trading hands. The stock had previously closed at $18.47.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on VREX. Wall Street Zen raised shares of Varex Imaging from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Oppenheimer downgraded shares of Varex Imaging from an “outperform” rating to a “market perform” rating in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Varex Imaging from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 26th. Sidoti reaffirmed a “neutral” rating and issued a $19.00 price target on shares of Varex Imaging in a research note on Monday, August 10th. Finally, B. Riley Financial lowered shares of Varex Imaging from a “buy” rating to a “hold” rating in a report on Monday, August 10th. Seven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.88.

Varex Imaging Stock Down 0.1%

The stock has a market cap of $776.96 million, a price-to-earnings ratio of 35.49 and a beta of 0.96. The stock has a 50 day simple moving average of $16.66 and a 200 day simple moving average of $12.83. The company has a quick ratio of 1.53, a current ratio of 3.38 and a debt-to-equity ratio of 0.64.

Varex Imaging (NASDAQ:VREX) last issued its earnings results on Monday, August 10th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.10. Varex Imaging had a return on equity of 9.19% and a net margin of 2.55%.The company had revenue of $210.50 million for the quarter, compared to analyst estimates of $215.50 million. As a group, analysts expect that Varex Imaging will post 1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Varex Imaging news, CFO Shubham Maheshwari sold 130,000 shares of the company’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $18.46, for a total transaction of $2,399,800.00. Following the transaction, the chief financial officer owned 139,972 shares in the company, valued at approximately $2,583,883.12. This represents a 48.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jay Kunkel sold 8,121 shares of Varex Imaging stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $18.48, for a total transaction of $150,076.08. Following the transaction, the director owned 15,329 shares of the company’s stock, valued at $283,279.92. This represents a 34.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Varex Imaging

A number of hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. bought a new stake in Varex Imaging during the 4th quarter worth approximately $27,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Varex Imaging in the second quarter worth approximately $32,000. Legal & General Group Plc bought a new position in shares of Varex Imaging in the second quarter valued at approximately $43,000. AXQ Capital LP bought a new position in shares of Varex Imaging in the second quarter valued at approximately $116,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Varex Imaging during the second quarter valued at approximately $126,000.

Varex Imaging Company Profile

Varex Imaging Corporation (NASDAQ: VREX) develops and manufactures X-ray imaging components used by medical, industrial and security equipment manufacturers. Its products are incorporated into systems that support diagnostic imaging, radiation therapy, inspection and threat detection.

The company’s portfolio includes X-ray tubes, digital image detectors, high-voltage generators, image-processing software and other imaging subsystems. These products are used in applications such as computed tomography, radiography, fluoroscopy, mammography, dental and veterinary imaging, as well as industrial non-destructive testing and security screening.

Varex Imaging was established as an independent public company in 2017 through a spin-off from Varian Medical Systems.