TIG Advisors LLC purchased a new stake in shares of Cray Inc. (NASDAQ:CRAY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 703,902 shares of the technology company’s stock, valued at approximately $24,510,000. Cray comprises approximately 1.1% of TIG Advisors LLC’s investment portfolio, making the stock its 17th largest holding.
A number of other hedge funds also recently made changes to their positions in CRAY. Bank of Montreal Can boosted its position in shares of Cray by 609.2% in the second quarter. Bank of Montreal Can now owns 4,482 shares of the technology company’s stock valued at $156,000 after acquiring an additional 3,850 shares during the period. HighTower Advisors LLC bought a new position in Cray in the second quarter worth $218,000. Miles Capital Inc. bought a new position in Cray in the second quarter worth $225,000. Everence Capital Management Inc. bought a new position in Cray in the second quarter worth $242,000. Finally, AQR Capital Management LLC bought a new position in Cray in the second quarter worth $247,000. Institutional investors own 93.26% of the company’s stock.
Several research analysts recently commented on the company. TheStreet cut Cray from a “c-” rating to a “d” rating in a research report on Friday, August 2nd. Zacks Investment Research cut Cray from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, BidaskClub cut Cray from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.00.
CRAY stock traded down $0.01 during midday trading on Friday, hitting $34.97. The stock had a trading volume of 48,818 shares, compared to its average volume of 366,624. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -24.62 and a beta of 0.83. Cray Inc. has a 52 week low of $18.76 and a 52 week high of $36.64. The stock has a 50-day simple moving average of $34.82 and a 200 day simple moving average of $31.68. The company has a current ratio of 2.89, a quick ratio of 2.14 and a debt-to-equity ratio of 0.14.
Cray (NASDAQ:CRAY) last issued its earnings results on Friday, August 2nd. The technology company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $68.70 million during the quarter, compared to the consensus estimate of $72.15 million. Cray had a negative return on equity of 26.31% and a negative net margin of 27.17%. On average, equities analysts forecast that Cray Inc. will post -2.29 EPS for the current year.
Cray Inc, together with its subsidiaries, designs, develops, manufactures, markets, and services computing products for high-performance computing, data analytics, and AI markets. It operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments.
Further Reading: Limitations of the P/E Growth ratio
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