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VAREX IMAGING (NASDAQ:VREX) Rating Lowered to Buy at Wall Street Zen

Varex Imaging logo with Medical background

Key Points

  • Wall Street Zen downgraded Varex Imaging from a "strong-buy" to a "buy" rating, indicating a change in investor sentiment.
  • B. Riley increased Varex Imaging’s price target from $12.00 to $16.00, maintaining a "buy" rating for the stock.
  • Varex Imaging reported a quarterly earnings per share of $0.18, exceeding consensus estimates of $0.04, alongside a revenue of $203 million.
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VAREX IMAGING (NASDAQ:VREX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

Separately, B. Riley boosted their price target on shares of VAREX IMAGING from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday.

Read Our Latest Research Report on VREX

VAREX IMAGING Stock Performance

NASDAQ:VREX traded up $1.67 during mid-day trading on Friday, hitting $9.48. The stock had a trading volume of 1,980,435 shares, compared to its average volume of 450,423. The stock has a market capitalization of $393.42 million, a price-to-earnings ratio of -2.95 and a beta of 0.68. The company has a 50 day simple moving average of $8.04 and a 200-day simple moving average of $9.69. VAREX IMAGING has a 52 week low of $6.76 and a 52 week high of $16.93. The company has a current ratio of 3.51, a quick ratio of 1.82 and a debt-to-equity ratio of 0.78.

VAREX IMAGING (NASDAQ:VREX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.14. The firm had revenue of $203.00 million for the quarter, compared to the consensus estimate of $190.32 million. VAREX IMAGING had a negative net margin of 16.13% and a positive return on equity of 5.54%. On average, research analysts expect that VAREX IMAGING will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of VAREX IMAGING

A number of hedge funds and other institutional investors have recently made changes to their positions in VREX. Allspring Global Investments Holdings LLC increased its position in shares of VAREX IMAGING by 21.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,779,412 shares of the company's stock worth $31,769,000 after acquiring an additional 481,537 shares in the last quarter. Pzena Investment Management LLC grew its position in VAREX IMAGING by 11.6% in the second quarter. Pzena Investment Management LLC now owns 4,244,977 shares of the company's stock worth $36,804,000 after acquiring an additional 442,628 shares in the last quarter. Russell Investments Group Ltd. grew its position in VAREX IMAGING by 510.7% in the fourth quarter. Russell Investments Group Ltd. now owns 471,612 shares of the company's stock worth $6,881,000 after acquiring an additional 394,381 shares in the last quarter. Cooke & Bieler LP lifted its stake in shares of VAREX IMAGING by 18.7% in the first quarter. Cooke & Bieler LP now owns 2,122,683 shares of the company's stock worth $24,623,000 after buying an additional 333,794 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in shares of VAREX IMAGING by 1,617.1% in the second quarter. Y Intercept Hong Kong Ltd now owns 343,597 shares of the company's stock worth $2,979,000 after buying an additional 323,587 shares during the last quarter.

VAREX IMAGING Company Profile

(Get Free Report)

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.

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