Brainsway (NASDAQ:BWAY) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Brainsway from hold to strong-buy, adding to a broader bullish analyst backdrop. The stock now carries a consensus rating of Buy with a consensus price target of $16.00.
• Brainsway reported better-than-expected Q1 earnings, posting EPS of $0.12 versus estimates of $0.05 and revenue of $15.53 million, above expectations of $14.63 million. Analysts are forecasting full-year EPS of 0.33.
• The stock was trading at $14.45, near its 52-week high of $17.35, with a market value of about $579.88 million. Institutional investors have also been adding to positions, and hedge funds and other institutions own 30.11% of the company.

Brainsway (NASDAQ:BWAY - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Brainsway from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, April 24th. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price target on shares of Brainsway in a report on Thursday, July 2nd. Finally, Wall Street Zen upgraded shares of Brainsway from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $16.00.

Brainsway Stock Performance

Brainsway stock opened at $14.45 on Monday. Brainsway has a fifty-two week low of $5.68 and a fifty-two week high of $17.35. The firm has a market capitalization of $579.88 million, a price-to-earnings ratio of 41.29 and a beta of 1.22. The stock's fifty day moving average is $15.11 and its two-hundred day moving average is $13.62.

Brainsway (NASDAQ:BWAY - Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.07. Brainsway had a return on equity of 12.28% and a net margin of 15.68%.The business had revenue of $15.53 million during the quarter, compared to the consensus estimate of $14.63 million. As a group, sell-side analysts forecast that Brainsway will post 0.33 EPS for the current fiscal year.

Institutional Trading of Brainsway

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Masters Capital Management LLC raised its position in shares of Brainsway by 65.0% in the first quarter. Masters Capital Management LLC now owns 1,650,000 shares of the company's stock valued at $21,928,000 after buying an additional 650,000 shares during the last quarter. Renaissance Technologies LLC lifted its position in Brainsway by 87.2% during the first quarter. Renaissance Technologies LLC now owns 518,420 shares of the company's stock worth $6,890,000 after buying an additional 241,560 shares during the period. Sei Investments Co. boosted its position in shares of Brainsway by 262.5% in the first quarter. Sei Investments Co. now owns 226,378 shares of the company's stock worth $3,009,000 after acquiring an additional 163,925 shares during the last quarter. Y.D. More Investments Ltd boosted its holdings in shares of Brainsway by 136.6% in the 1st quarter. Y.D. More Investments Ltd now owns 272,004 shares of the company's stock valued at $3,615,000 after purchasing an additional 157,042 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new position in shares of Brainsway in the 4th quarter worth $2,422,000. Hedge funds and other institutional investors own 30.11% of the company's stock.

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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