Zacks Investment Research Lowers ViewRay (NASDAQ:VRAY) to Hold

Zacks Investment Research lowered shares of ViewRay (NASDAQ:VRAY) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “ViewRay Inc. is a medical device company. The company develops advanced radiation therapy technology for the treatment of cancer. MRIdian system provides continuous soft-tissue imaging during treatment. ViewRay Inc. is headquartered in Oakwood Village, Ohio. “

A number of other research firms also recently commented on VRAY. Piper Sandler increased their target price on ViewRay from $8.00 to $9.00 and gave the company an overweight rating in a research report on Friday, November 5th. B. Riley upgraded ViewRay from a neutral rating to a buy rating and set a $7.00 target price for the company in a research report on Tuesday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Buy and an average price target of $7.25.

VRAY stock opened at $4.77 on Thursday. ViewRay has a 1-year low of $3.79 and a 1-year high of $8.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.72 and a quick ratio of 3.08. The company has a market capitalization of $785.82 million, a price-to-earnings ratio of -6.91 and a beta of 0.81. The business has a 50 day simple moving average of $5.50 and a two-hundred day simple moving average of $6.09.

ViewRay (NASDAQ:VRAY) last posted its quarterly earnings results on Thursday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. The business had revenue of $19.18 million during the quarter, compared to the consensus estimate of $17.05 million. ViewRay had a negative return on equity of 79.12% and a negative net margin of 159.97%. The firm’s revenue for the quarter was up 90.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) EPS. Sell-side analysts anticipate that ViewRay will post -0.67 EPS for the current fiscal year.

In related news, CFO Zachary William Stassen purchased 17,857 shares of the firm’s stock in a transaction that occurred on Friday, November 19th. The shares were bought at an average price of $5.60 per share, for a total transaction of $99,999.20. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott William Drake purchased 89,285 shares of the firm’s stock in a transaction that occurred on Friday, November 19th. The shares were bought at an average price of $5.60 per share, for a total transaction of $499,996.00. The disclosure for this purchase can be found here. Corporate insiders own 4.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in VRAY. Artisan Partners Limited Partnership increased its stake in ViewRay by 14.0% in the second quarter. Artisan Partners Limited Partnership now owns 23,629,635 shares of the company’s stock worth $155,956,000 after purchasing an additional 2,896,899 shares during the period. Nuveen Asset Management LLC increased its stake in ViewRay by 141.9% in the second quarter. Nuveen Asset Management LLC now owns 1,778,272 shares of the company’s stock worth $11,736,000 after purchasing an additional 1,043,183 shares during the period. Millennium Management LLC increased its stake in ViewRay by 82.9% in the third quarter. Millennium Management LLC now owns 1,924,370 shares of the company’s stock worth $13,875,000 after purchasing an additional 872,165 shares during the period. Vanguard Group Inc. increased its stake in ViewRay by 13.7% in the second quarter. Vanguard Group Inc. now owns 6,733,109 shares of the company’s stock worth $44,439,000 after purchasing an additional 812,749 shares during the period. Finally, Balyasny Asset Management LLC purchased a new stake in ViewRay in the second quarter worth $4,920,000. Institutional investors and hedge funds own 89.27% of the company’s stock.

ViewRay Company Profile

ViewRay, Inc designs, manufactures and markets magnetic resonance imaging (MRI) system. It develops MRIdian to address the limitations of existing external-beam radiation therapy technologies, and employs MRI-based technology to provide real-time imaging that defines the tumor from the surrounding soft tissue, and other critical organs, both before and during radiation treatment delivery.

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