Accuray (NASDAQ:ARAY) Earns "Buy" Rating from BTIG Research

Key Points

• BTIG Research has raised the price target for Accuray (NASDAQ:ARAY) from $4.00 to $5.00, indicating a potential upside of 235.57% from the current stock price.
• Accuray was recently upgraded from a "hold" rating to a "buy" rating by Wall Street Zen.
• The company's recent earnings report showed an EPS of $0.01, missing the consensus estimate, despite a revenue of $127.54 million surpassing expectations.

BTIG Research restated their buy rating on shares of Accuray (NASDAQ:ARAY - Free Report) in a research report sent to investors on Thursday, Marketbeat reports. The firm currently has a $5.00 target price on the medical equipment provider's stock, up from their prior target price of $4.00.

Separately, Wall Street Zen upgraded Accuray from a "hold" rating to a "buy" rating in a research report on Friday, May 30th.

Accuray Price Performance

ARAY traded down $0.06 during trading on Thursday, reaching $1.40. The stock had a trading volume of 1,214,558 shares, compared to its average volume of 757,832. The firm has a market capitalization of $157.70 million, a price-to-earnings ratio of -70.00 and a beta of 1.24. The company has a quick ratio of 0.92, a current ratio of 1.64 and a debt-to-equity ratio of 3.35. Accuray has a 1-year low of $1.14 and a 1-year high of $2.95. The stock has a 50 day moving average of $1.34 and a two-hundred day moving average of $1.62.

Accuray (NASDAQ:ARAY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The medical equipment provider reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02). Accuray had a negative net margin of 0.35% and a negative return on equity of 5.79%. The company had revenue of $127.54 million for the quarter, compared to analyst estimates of $123.78 million. As a group, equities analysts anticipate that Accuray will post 0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Accuray

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC increased its position in Accuray by 12.5% during the fourth quarter. Gabelli Funds LLC now owns 45,000 shares of the medical equipment provider's stock worth $89,000 after buying an additional 5,000 shares during the last quarter. Geode Capital Management LLC increased its position in Accuray by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 2,186,154 shares of the medical equipment provider's stock worth $4,329,000 after buying an additional 6,758 shares during the last quarter. Northern Trust Corp increased its position in Accuray by 0.9% during the fourth quarter. Northern Trust Corp now owns 809,665 shares of the medical equipment provider's stock worth $1,603,000 after buying an additional 7,399 shares during the last quarter. ProShare Advisors LLC increased its position in Accuray by 50.7% during the fourth quarter. ProShare Advisors LLC now owns 27,308 shares of the medical equipment provider's stock worth $54,000 after buying an additional 9,187 shares during the last quarter. Finally, North Star Investment Management Corp. increased its position in Accuray by 1.0% during the first quarter. North Star Investment Management Corp. now owns 1,058,545 shares of the medical equipment provider's stock worth $1,895,000 after buying an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 64.08% of the company's stock.

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.