Varex Imaging (NASDAQ:VREX) Downgraded to Buy Rating by Wall Street Zen

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.

Varex Imaging (NASDAQ:VREX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Separately, B. Riley reiterated a "buy" rating and issued a $16.00 target price (up from $12.00) on shares of Varex Imaging in a report on Friday, August 8th.

Varex Imaging Trading Up 2.1%

Shares of VREX traded up $0.22 during midday trading on Friday, hitting $10.79. The stock had a trading volume of 224,799 shares, compared to its average volume of 474,440. Varex Imaging has a fifty-two week low of $6.76 and a fifty-two week high of $16.93. The business has a 50-day simple moving average of $8.13 and a two-hundred day simple moving average of $9.67. The firm has a market cap of $447.83 million, a P/E ratio of -3.35 and a beta of 0.68. 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 announced its earnings results on Thursday, August 7th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.04 by $0.14. Varex Imaging had a negative net margin of 16.13% and a positive return on equity of 5.54%. The company had revenue of $203.00 million during the quarter, compared to analysts' expectations of $190.32 million. As a group, equities analysts forecast that Varex Imaging will post 0.53 EPS for the current year.

Institutional Trading of Varex Imaging

Several institutional investors have recently made changes to their positions in VREX. Aquatic Capital Management LLC acquired a new stake in shares of Varex Imaging during the fourth quarter worth approximately $25,000. Quadrant Capital Group LLC boosted its holdings in shares of Varex Imaging by 115.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,837 shares of the company's stock worth $41,000 after purchasing an additional 1,520 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Varex Imaging during the fourth quarter worth approximately $48,000. Quarry LP acquired a new stake in shares of Varex Imaging during the first quarter worth approximately $63,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Varex Imaging by 25.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 13,104 shares of the company's stock worth $115,000 after purchasing an additional 2,659 shares during the period.

Varex Imaging Company Profile

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.