Zacks Investment Research Upgrades Viewray (NASDAQ:VRAY) to Hold

Zacks Investment Research upgraded shares of Viewray (NASDAQ:VRAY) from a sell rating to a hold rating in a research report report published on Friday morning, Zacks.com reports.

According to Zacks, “ViewRay Inc. is a medical device company. The company develops advanced radiation therapy technology for the treatment of cancer. MRIdian system provides continuous soft-tissue imaging during treatment. ViewRay Inc. is headquartered in Oakwood Village, Ohio. “

A number of other analysts also recently weighed in on VRAY. Jefferies Financial Group reduced their target price on shares of Viewray from $14.00 to $7.00 and set a buy rating on the stock in a report on Friday, August 9th. TheStreet downgraded shares of Viewray from a c- rating to a d rating in a report on Friday, May 3rd. Piper Jaffray Companies began coverage on shares of Viewray in a report on Tuesday, June 18th. They issued an overweight rating and a $15.00 target price on the stock. Mizuho restated a buy rating and issued a $9.00 target price on shares of Viewray in a report on Sunday, August 11th. Finally, ValuEngine downgraded shares of Viewray from a buy rating to a hold rating in a report on Saturday, August 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Viewray currently has an average rating of Buy and an average target price of $10.25.

Viewray stock opened at $4.31 on Friday. The company’s 50-day moving average price is $7.73 and its 200-day moving average price is $8.00. Viewray has a twelve month low of $2.76 and a twelve month high of $10.73. The company has a quick ratio of 3.21, a current ratio of 4.01 and a debt-to-equity ratio of 0.55. The company has a market cap of $424.45 million, a PE ratio of -4.40 and a beta of 0.79.

Viewray (NASDAQ:VRAY) last posted its earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.09). Viewray had a negative return on equity of 67.02% and a negative net margin of 128.13%. The business had revenue of $30.17 million during the quarter, compared to the consensus estimate of $25.92 million. During the same quarter last year, the firm earned ($0.30) earnings per share. The business’s quarterly revenue was up 83.5% on a year-over-year basis. As a group, sell-side analysts expect that Viewray will post -1.18 earnings per share for the current fiscal year.

In other news, CEO Scott William Drake purchased 131,260 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $3.81 per share, for a total transaction of $500,100.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James F. Dempsey sold 5,146 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $8.63, for a total transaction of $44,409.98. The disclosure for this sale can be found here. Corporate insiders own 15.48% of the company’s stock.

A number of large investors have recently modified their holdings of VRAY. Bank of Montreal Can grew its holdings in Viewray by 4,390.1% during the 2nd quarter. Bank of Montreal Can now owns 5,882 shares of the company’s stock valued at $52,000 after purchasing an additional 5,751 shares during the last quarter. Cutler Group LP bought a new position in Viewray during the 1st quarter valued at about $76,000. BNP Paribas Arbitrage SA grew its holdings in Viewray by 57,004.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 13,134 shares of the company’s stock valued at $97,000 after purchasing an additional 13,111 shares during the last quarter. Bray Capital Advisors bought a new position in Viewray during the 1st quarter valued at about $104,000. Finally, Stephens Inc. AR bought a new position in Viewray during the 1st quarter valued at about $117,000.

Viewray Company Profile

ViewRay, Inc designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company’s software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered.

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