Brainsway (NASDAQ:BWAY) Shares Down 5.3% - Here's Why

Key Points

• Brainsway shares fell 5.3% to about $15.46 in light trading, with volume down 78% versus the average daily level.
• Despite the decline, analysts remain broadly positive: six rate the stock Buy and one Hold, producing a “Moderate Buy” consensus and a $16.95 average price target. BTIG recently raised its target to $20.
• Brainsway exceeded quarterly expectations, reporting $0.14 EPS versus $0.10 expected and revenue of $17.11 million versus a $16.54 million consensus estimate.

Shares of Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY - Get Free Report) dropped 5.3% on Monday . The company traded as low as $15.75 and last traded at $15.4560. 36,703 shares traded hands during trading, a decline of 78% from the average daily volume of 165,150 shares. The stock had previously closed at $16.32.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BWAY. New Street Research reissued a "buy" rating on shares of Brainsway in a research note on Friday, July 24th. Zacks Research downgraded shares of Brainsway from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Weiss Ratings restated a "buy (b-)" rating on shares of Brainsway in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Brainsway from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Finally, BTIG Research raised their price target on shares of Brainsway from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.95.

Brainsway Trading Down 6.4%

The firm has a fifty day moving average of $15.18 and a 200 day moving average of $14.39. The company has a market capitalization of $612.79 million, a P/E ratio of 34.72 and a beta of 1.24.

Brainsway (NASDAQ:BWAY - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.04. Brainsway had a net margin of 15.65% and a return on equity of 12.74%. The business had revenue of $17.11 million for the quarter, compared to analysts' expectations of $16.54 million. Sell-side analysts anticipate that Brainsway Ltd. Sponsored ADR will post 0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Brainsway

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its position in Brainsway by 2.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 25,738 shares of the company's stock worth $490,000 after acquiring an additional 589 shares during the period. Man Group plc grew its position in shares of Brainsway by 4.5% during the 4th quarter. Man Group plc now owns 18,027 shares of the company's stock valued at $343,000 after acquiring an additional 782 shares during the period. NewEdge Advisors LLC increased its stake in shares of Brainsway by 7.4% in the 3rd quarter. NewEdge Advisors LLC now owns 28,629 shares of the company's stock worth $431,000 after purchasing an additional 1,964 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Brainsway in the 1st quarter worth $40,000. Finally, Ballast Advisors LLC bought a new position in Brainsway in the 1st quarter worth $55,000. 30.11% of the stock is owned by institutional investors.

About Brainsway

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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