Varex Imaging (NASDAQ:VREX) Stock Rated "Hold" by Wall Street Brokerages

Key Points

• Varex Imaging has a consensus “Hold” rating from all seven covering analysts, with an average 12-month price target of $16.88.
• The stock opened at $18.43, near its 52-week high of $18.63, after rising substantially from its one-year low of $9.09. Its latest quarterly earnings of $0.31 per share exceeded expectations, though revenue came in below estimates.
• Insiders recently sold shares, including the CFO’s $2.4 million sale, while several institutional investors increased their positions during the third quarter.

Varex Imaging (NASDAQ:VREX - Get Free Report) has earned a consensus recommendation of "Hold" from the seven research firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $16.88.

VREX has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Varex Imaging from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Wall Street Zen raised shares of Varex Imaging from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Oppenheimer cut shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a research note on Monday, August 10th. B. Riley Financial downgraded shares of Varex Imaging from a "buy" rating to a "hold" rating in a report on Monday, August 10th. Finally, CJS Securities lowered shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a research note on Monday, August 17th.

Varex Imaging Stock Down 0.1%

VREX opened at $18.43 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.53 and a current ratio of 3.38. The company has a market capitalization of $775.90 million, a PE ratio of 35.44 and a beta of 0.97. The stock's fifty day moving average is $18.46 and its 200-day moving average is $13.62. Varex Imaging has a one year low of $9.09 and a one year high of $18.63.

Varex Imaging (NASDAQ:VREX - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.10. The business had revenue of $210.50 million during the quarter, compared to analysts' expectations of $215.50 million. Varex Imaging had a return on equity of 9.19% and a net margin of 2.55%. On average, equities analysts predict that Varex Imaging will post 1.04 EPS for the current fiscal year.

Insider Activity at Varex Imaging

In other Varex Imaging news, Director Jay Kunkel sold 8,121 shares of the company's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $18.48, for a total value of $150,076.08. Following the transaction, the director owned 15,329 shares of the company's stock, valued at approximately $283,279.92. This represents a 34.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shubham Maheshwari sold 130,000 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $18.46, for a total value of $2,399,800.00. Following the sale, the chief financial officer owned 139,972 shares of the company's stock, valued at $2,583,883.12. This trade represents a 48.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Varex Imaging

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Inspire Investing LLC boosted its position in shares of Varex Imaging by 154.7% in the third quarter. Inspire Investing LLC now owns 168,685 shares of the company's stock worth $3,112,000 after buying an additional 102,455 shares during the period. Fortitude Family Office LLC lifted its stake in Varex Imaging by 1,643.6% in the 3rd quarter. Fortitude Family Office LLC now owns 2,441 shares of the company's stock worth $45,000 after acquiring an additional 2,301 shares in the last quarter. GAMMA Investing LLC boosted its position in Varex Imaging by 65.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,657 shares of the company's stock worth $31,000 after acquiring an additional 655 shares during the period. Farther Finance Advisors LLC boosted its position in Varex Imaging by 177.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,559 shares of the company's stock worth $66,000 after acquiring an additional 2,274 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in Varex Imaging during the 2nd quarter valued at about $542,000.

Varex Imaging Company Profile

Varex Imaging Corporation develops and manufactures X-ray imaging components used in medical, industrial, and security applications. Its products are incorporated into systems that support diagnostic imaging, radiation therapy, baggage inspection, cargo screening, and other imaging processes.

The company's product portfolio includes X-ray tubes, digital detectors, image-processing software, high-voltage connectors, and other components for X-ray imaging systems. Varex also provides software and services designed to support image quality, system performance, and equipment integration.

Varex serves equipment manufacturers and other customers worldwide, with applications spanning healthcare, industrial inspection, and security screening.

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