Viewray (VRAY) Stock Price Down 7.4% on Disappointing Earnings

Viewray Inc (NASDAQ:VRAY) dropped 7.4% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.67 and last traded at $8.75. Approximately 1,195,243 shares changed hands during trading, an increase of 13% from the average daily volume of 1,061,226 shares. The stock had previously closed at $9.45.

The company reported ($0.39) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.17). The business had revenue of $17.70 million for the quarter, compared to the consensus estimate of $17.77 million. Viewray had a negative return on equity of 353.05% and a negative net margin of 83.84%. The business’s revenue was up 45.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.19) earnings per share.

VRAY has been the topic of a number of recent analyst reports. ValuEngine upgraded Viewray from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 24th. Mizuho reiterated a “buy” rating and set a $13.00 price target on shares of Viewray in a report on Monday, August 6th. BidaskClub upgraded Viewray from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Cantor Fitzgerald reiterated a “buy” rating and set a $13.00 price target on shares of Viewray in a report on Wednesday, October 3rd. Finally, BTIG Research reiterated a “buy” rating and set a $14.00 price target on shares of Viewray in a report on Tuesday, August 7th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $12.79.

In other news, major shareholder International Ltd Fosun bought 2,702,702 shares of the stock in a transaction on Thursday, August 30th. The shares were purchased at an average cost of $9.25 per share, for a total transaction of $24,999,993.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Orbimed Advisors Llc sold 185,948 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $9.95, for a total value of $1,850,182.60. The disclosure for this sale can be found here. Insiders own 43.93% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its stake in shares of Viewray by 209.7% in the second quarter. Bank of America Corp DE now owns 14,710 shares of the company’s stock valued at $101,000 after buying an additional 9,960 shares during the period. Sei Investments Co. bought a new stake in shares of Viewray in the second quarter valued at $121,000. Metropolitan Life Insurance Co. NY bought a new stake in shares of Viewray in the second quarter valued at $124,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Viewray in the second quarter valued at $131,000. Finally, Voya Investment Management LLC raised its stake in shares of Viewray by 39.3% in the second quarter. Voya Investment Management LLC now owns 19,006 shares of the company’s stock valued at $132,000 after buying an additional 5,364 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

The stock has a market cap of $692.65 million, a price-to-earnings ratio of -8.41 and a beta of 1.17. The company has a quick ratio of 2.64, a current ratio of 3.33 and a debt-to-equity ratio of 1.17.

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About Viewray (NASDAQ:VRAY)

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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