Renaissance Technologies LLC Buys 241,560 Shares of Brainsway Ltd. Sponsored ADR $BWAY

Key Points

• Renaissance Technologies increased its Brainsway stake by 87.2% in the first quarter, purchasing 241,560 additional shares and bringing its holdings to 518,420 shares, worth approximately $6.89 million.
• Several other institutional investors also expanded their positions, while institutional ownership reached 30.11% of Brainsway’s outstanding stock.
• Analysts remain bullish, with the stock carrying an overall “Buy” rating and an average price target of $15.67. Brainsway’s latest quarterly results exceeded expectations, reporting $0.12 EPS and $15.53 million in revenue.

Renaissance Technologies LLC lifted its stake in shares of Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY - Free Report) by 87.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 518,420 shares of the company's stock after purchasing an additional 241,560 shares during the period. Renaissance Technologies LLC owned approximately 1.29% of Brainsway worth $6,890,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. increased its holdings in shares of Brainsway by 262.5% in the first quarter. Sei Investments Co. now owns 226,378 shares of the company's stock valued at $3,009,000 after purchasing an additional 163,925 shares in the last quarter. Walleye Capital LLC acquired a new position in Brainsway during the 1st quarter worth $433,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Brainsway during the 1st quarter worth $40,000. Sigma Planning Corp boosted its position in Brainsway by 369.1% in the 1st quarter. Sigma Planning Corp now owns 70,363 shares of the company's stock valued at $935,000 after buying an additional 55,363 shares during the last quarter. Finally, Y.D. More Investments Ltd increased its stake 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 buying an additional 157,042 shares during the period. 30.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BWAY. BTIG Research began coverage on Brainsway in a research report on Monday, July 20th. They set a "buy" rating and a $18.00 target price for the company. New Street Research reiterated a "buy" rating on shares of Brainsway in a report on Friday, July 24th. Wall Street Zen upgraded Brainsway from a "hold" rating to a "buy" rating in a research report on Sunday. Zacks Research raised Brainsway from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Brainsway in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Brainsway presently has an average rating of "Buy" and an average price target of $15.67.

Brainsway Stock Performance

Shares of Brainsway stock opened at $15.80 on Wednesday. The firm has a fifty day moving average of $15.05 and a two-hundred day moving average of $14.16. The stock has a market capitalization of $634.05 million, a price-to-earnings ratio of 45.14 and a beta of 1.24. Brainsway Ltd. Sponsored ADR has a 52 week low of $5.70 and a 52 week high of $17.35.

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

Want to see what other hedge funds are holding BWAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source