Accuray (NASDAQ:ARAY) Shares Up 6% on Insider Buying Activity

Accuray Incorporated (NASDAQ:ARAY)’s stock price shot up 6% during mid-day trading on Friday after an insider bought additional shares in the company. The stock traded as high as $2.85 and last traded at $2.82, 336,138 shares were traded during trading. A decline of 55% from the average session volume of 746,665 shares. The stock had previously closed at $2.66.

Specifically, CEO Joshua Levine sold 56,426 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $3.75, for a total transaction of $211,597.50. Following the sale, the chief executive officer now owns 977,167 shares of the company’s stock, valued at $3,664,376.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph E. Whitters acquired 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average cost of $2.62 per share, for a total transaction of $32,750.00. Following the purchase, the director now directly owns 116,780 shares of the company’s stock, valued at $305,963.60. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.

Several equities research analysts recently commented on ARAY shares. BidaskClub lowered shares of Accuray from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Royal Bank of Canada set a $4.00 price objective on shares of Accuray and gave the stock a “hold” rating in a research note on Friday, August 16th. Five research analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average price target of $4.47.

The company has a debt-to-equity ratio of 3.21, a current ratio of 1.79 and a quick ratio of 1.03. The firm’s 50 day moving average is $3.34 and its 200 day moving average is $4.01. The firm has a market cap of $242.81 million, a P/E ratio of -18.80 and a beta of 1.96.

Accuray (NASDAQ:ARAY) last posted its quarterly earnings data on Thursday, August 15th. The medical equipment provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). Accuray had a negative return on equity of 26.69% and a negative net margin of 3.92%. The business had revenue of $117.42 million for the quarter, compared to the consensus estimate of $116.09 million. During the same period in the previous year, the firm earned ($0.01) EPS. As a group, analysts expect that Accuray Incorporated will post -0.14 EPS for the current year.

A number of large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in Accuray by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,321,330 shares of the medical equipment provider’s stock worth $7,916,000 after acquiring an additional 78,330 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Accuray by 1,515.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 19,099 shares of the medical equipment provider’s stock worth $91,000 after purchasing an additional 17,917 shares in the last quarter. Bank of Montreal Can increased its position in Accuray by 162.0% during the 1st quarter. Bank of Montreal Can now owns 32,118 shares of the medical equipment provider’s stock worth $153,000 after purchasing an additional 19,858 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Accuray by 10.9% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,754 shares of the medical equipment provider’s stock worth $213,000 after purchasing an additional 4,392 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Accuray during the 1st quarter worth about $49,000. 81.23% of the stock is currently owned by institutional investors and hedge funds.

About Accuray (NASDAQ:ARAY)

Accuray Incorporated designs, develops, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the body. The company offers the CyberKnife System, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of various types of cancer and tumors in the body.

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