Brainsway (NASDAQ:BWAY) Shares Gap Up - Here's Why

Key Points

• Shares gapped up Monday, opening at $14.49 versus a $13.92 close and trading up about 2.1% (last around $14.21).
• Analysts have become more positive overall, leaving Brainsway with a consensus “Buy” rating and a $15.00 price target after upgrades from Zacks and Wall Street Zen (HC Wainwright trimmed its target to $15 but kept a buy rating).
• Brainsway beat quarterly estimates with $0.14 EPS vs. $0.11 expected and $14.55M revenue vs. $14.02M, while the company carries a market cap of ~$557M, a P/E of 56.9, and roughly 30% institutional ownership.

Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $13.92, but opened at $14.49. Brainsway shares last traded at $14.2060, with a volume of 23,715 shares traded.

Analysts Set New Price Targets

BWAY has been the topic of several recent analyst reports. Northland Securities set a $15.00 target price on Brainsway in a research report on Thursday, January 22nd. Zacks Research upgraded Brainsway from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 24th. Wall Street Zen upgraded Brainsway from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Brainsway in a research report on Monday, December 29th. Finally, HC Wainwright reduced their target price on Brainsway from $30.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Brainsway has an average rating of "Buy" and a consensus price target of $15.00.

Brainsway Stock Up 2.1%

The company has a market capitalization of $557.47 million, a price-to-earnings ratio of 56.85 and a beta of 1.10. The company has a 50 day simple moving average of $12.83 and a 200 day simple moving average of $10.34.

Brainsway (NASDAQ:BWAY - Get Free Report) last announced its quarterly 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. The company had revenue of $14.55 million during the quarter, compared to analyst estimates of $14.02 million. Brainsway had a return on equity of 11.10% and a net margin of 14.62%. On average, research analysts forecast that Brainsway Ltd. Sponsored ADR will post 0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Brainsway

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

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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