Accuray Incorporated (ARAY) Expected to Post Earnings of -$0.03 Per Share

Wall Street brokerages expect Accuray Incorporated (NASDAQ:ARAY) to announce earnings per share of ($0.03) for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Accuray’s earnings, with the highest EPS estimate coming in at ($0.02) and the lowest estimate coming in at ($0.04). Accuray posted earnings per share of ($0.06) in the same quarter last year, which indicates a positive year-over-year growth rate of 50%. The business is scheduled to issue its next quarterly earnings report on Thursday, April 26th.

According to Zacks, analysts expect that Accuray will report full-year earnings of ($0.19) per share for the current fiscal year, with EPS estimates ranging from ($0.25) to ($0.14). For the next financial year, analysts expect that the business will post earnings of ($0.05) per share, with EPS estimates ranging from ($0.09) to ($0.03). Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Accuray.

Accuray (NASDAQ:ARAY) last announced its earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.05. Accuray had a negative return on equity of 44.66% and a negative net margin of 6.09%. The firm had revenue of $100.33 million for the quarter, compared to the consensus estimate of $90.31 million. During the same period in the previous year, the business earned ($0.11) EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis.

ARAY has been the topic of several research analyst reports. Zacks Investment Research upgraded Accuray from a “hold” rating to a “buy” rating and set a $4.75 target price on the stock in a research note on Tuesday, October 24th. Cowen restated a “buy” rating and set a $9.00 target price on shares of Accuray in a research note on Friday, October 27th. Lake Street Capital began coverage on Accuray in a research note on Thursday, November 30th. They set a “buy” rating and a $10.00 target price on the stock. BidaskClub downgraded Accuray from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, JPMorgan Chase & Co. downgraded Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 price target on the stock. in a research note on Wednesday, December 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $7.25.

In other news, CFO Kevin Waters sold 7,154 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $5.06, for a total value of $36,199.24. Following the sale, the chief financial officer now owns 335,087 shares in the company, valued at $1,695,540.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joshua Levine sold 17,093 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $4.86, for a total value of $83,071.98. Following the completion of the sale, the chief executive officer now owns 1,435,428 shares in the company, valued at approximately $6,976,180.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,413 shares of company stock worth $129,798. Company insiders own 3.90% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Accuray by 4.4% in the second quarter. Vanguard Group Inc. now owns 6,728,919 shares of the medical equipment provider’s stock worth $31,962,000 after buying an additional 281,789 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Accuray by 9.9% in the third quarter. Neuberger Berman Group LLC now owns 5,272,695 shares of the medical equipment provider’s stock worth $21,091,000 after buying an additional 473,008 shares during the last quarter. Vident Investment Advisory LLC boosted its stake in shares of Accuray by 75.4% in the third quarter. Vident Investment Advisory LLC now owns 4,899,643 shares of the medical equipment provider’s stock worth $19,599,000 after buying an additional 2,106,215 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Accuray by 2.0% in the second quarter. Renaissance Technologies LLC now owns 4,391,000 shares of the medical equipment provider’s stock worth $20,857,000 after buying an additional 85,400 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its stake in shares of Accuray by 16.6% in the fourth quarter. Heartland Advisors Inc. now owns 3,396,140 shares of the medical equipment provider’s stock worth $14,603,000 after buying an additional 484,500 shares during the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Shares of Accuray (NASDAQ:ARAY) traded up $0.05 during mid-day trading on Thursday, reaching $5.05. The company had a trading volume of 748,374 shares, compared to its average volume of 1,345,888. Accuray has a 1 year low of $3.60 and a 1 year high of $6.15. The company has a current ratio of 1.54, a quick ratio of 0.92 and a debt-to-equity ratio of 2.66. The stock has a market cap of $422.96, a P/E ratio of -17.41 and a beta of 1.76.

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About Accuray

Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy.

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