Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY) Short Interest Down 14.6% in March

Key Points

• Short interest fell 14.6% in March to 99,305 shares (about 0.3% of shares short), with a days-to-cover ratio of 0.6 days.
• Analysts collectively rate Brainsway a "Buy" with a consensus target price of $15.00, alongside recent mixed notes including Zacks' upgrade to strong-buy and HC Wainwright's price-target cut to $15.
• The company beat the recent quarter's estimates (EPS $0.14 vs. $0.11 expected; revenue $14.55M vs. $14.02M) and has notable institutional interest (30.11% owned by hedge funds/institutions, with recent new or increased positions from firms like Raymond James, BofA and RBC).

Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 99,305 shares, a drop of 14.6% from the March 15th total of 116,294 shares. Based on an average trading volume of 166,353 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.3% of the shares of the stock are short sold.

Hedge Funds Weigh In On Brainsway

Several large investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new position in shares of Brainsway during the 2nd quarter worth about $85,000. Bank of America Corp DE purchased a new stake in Brainsway in the third quarter valued at approximately $107,000. Royal Bank of Canada increased its position in Brainsway by 1,145.9% during the fourth quarter. Royal Bank of Canada now owns 8,410 shares of the company's stock worth $160,000 after purchasing an additional 7,735 shares during the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new position in Brainsway during the fourth quarter worth approximately $209,000. Finally, Centiva Capital LP acquired a new position in shares of Brainsway in the 3rd quarter valued at $181,000. 30.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BWAY. Northland Securities set a $15.00 price target on shares of Brainsway in a report on Thursday, January 22nd. Zacks Research raised shares of Brainsway from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 24th. HC Wainwright cut their price objective on Brainsway from $30.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, March 12th. Wall Street Zen raised Brainsway from a "hold" rating to a "buy" rating in a research note on Saturday, March 7th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Brainsway in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $15.00.

Brainsway Stock Down 0.7%

Shares of NASDAQ:BWAY traded down $0.11 during trading on Friday, reaching $15.70. The stock had a trading volume of 2,961 shares, compared to its average volume of 206,310. The stock has a market cap of $615.84 million, a P/E ratio of 62.82 and a beta of 1.10. The business has a fifty day moving average price of $13.15 and a 200-day moving average price of $10.51. Brainsway has a fifty-two week low of $3.92 and a fifty-two week high of $16.24.

Brainsway (NASDAQ:BWAY - Get Free Report) last released its earnings results on Wednesday, March 11th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.11 by $0.03. Brainsway had a net margin of 14.62% and a return on equity of 11.10%. The firm had revenue of $14.55 million during the quarter, compared to analysts' expectations of $14.02 million. As a group, equities analysts forecast that Brainsway will post 0.08 EPS for the current year.

Brainsway Company Profile

Brainsway Ltd is a medical device company specializing in non-invasive neuromodulation therapies. Publicly traded on the NASDAQ under the symbol BWAY, the company develops and commercializes deep transcranial magnetic stimulation (Deep TMS) systems designed to treat a range of neuropsychiatric and neurological disorders. Brainsway's technology aims to offer an alternative or complement to traditional pharmacological therapies by targeting precise brain regions with its patented coil designs.

The company's flagship Deep TMS platform utilizes proprietary H-coil arrays engineered to reach deeper cortical structures than conventional TMS devices.

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