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

Accuray (NASDAQ:ARAY) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Accuray Stock Performance

NASDAQ:ARAY opened at $2.25 on Tuesday. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.62 and a quick ratio of 0.88. The business has a fifty day simple moving average of $2.15 and a two-hundred day simple moving average of $2.00. Accuray has a 1 year low of $1.40 and a 1 year high of $2.95. The company has a market capitalization of $231.37 million, a P/E ratio of -45.00 and a beta of 1.51.

Accuray (NASDAQ:ARAY) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Accuray had a negative return on equity of 9.75% and a negative net margin of 0.96%. On average, analysts expect that Accuray will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Accuray

Hedge funds have recently made changes to their positions in the stock. Foundry Partners LLC grew its position in Accuray by 51.3% during the third quarter. Foundry Partners LLC now owns 2,187,160 shares of the medical equipment provider’s stock worth $3,937,000 after buying an additional 741,900 shares in the last quarter. State Street Corp lifted its stake in shares of Accuray by 3.8% in the 3rd quarter. State Street Corp now owns 1,894,287 shares of the medical equipment provider’s stock valued at $3,410,000 after acquiring an additional 70,008 shares during the last quarter. Barclays PLC lifted its stake in shares of Accuray by 97.9% in the 3rd quarter. Barclays PLC now owns 210,819 shares of the medical equipment provider’s stock valued at $380,000 after acquiring an additional 104,310 shares during the last quarter. BNP Paribas Financial Markets raised its position in Accuray by 1,650.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 146,384 shares of the medical equipment provider’s stock valued at $263,000 after purchasing an additional 138,022 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Accuray by 489.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 277,859 shares of the medical equipment provider’s stock valued at $500,000 after purchasing an additional 230,695 shares during the last quarter. 64.08% of the stock is currently owned by hedge funds and other institutional investors.

About Accuray

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.