Accuray (NASDAQ:ARAY) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Accuray (NASDAQ:ARAY) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Accuray Stock Down 2.3 %

ARAY stock opened at $1.70 on Friday. The company has a current ratio of 1.63, a quick ratio of 0.87 and a debt-to-equity ratio of 3.59. The company’s 50-day moving average price is $1.86 and its 200 day moving average price is $1.83. Accuray has a 52 week low of $1.40 and a 52 week high of $3.05. The company has a market cap of $170.97 million, a P/E ratio of -10.00 and a beta of 1.40.

Accuray (NASDAQ:ARAY) last announced its quarterly earnings results on Wednesday, November 6th. The medical equipment provider reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). Accuray had a negative return on equity of 36.93% and a negative net margin of 3.72%. The business had revenue of $101.55 million for the quarter, compared to analyst estimates of $98.10 million. During the same quarter in the previous year, the company earned ($0.03) EPS. On average, research analysts expect that Accuray will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ARAY. Foundry Partners LLC grew its stake in Accuray by 51.3% in the 3rd quarter. Foundry Partners LLC now owns 2,187,160 shares of the medical equipment provider’s stock valued at $3,937,000 after acquiring an additional 741,900 shares during the last quarter. Armistice Capital LLC purchased a new position in shares of Accuray during the 2nd quarter worth approximately $910,000. Los Angeles Capital Management LLC acquired a new position in shares of Accuray during the 3rd quarter worth approximately $418,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Accuray by 489.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 277,859 shares of the medical equipment provider’s stock valued at $500,000 after buying an additional 230,695 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Accuray by 143.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 384,944 shares of the medical equipment provider’s stock valued at $693,000 after buying an additional 226,602 shares during the last quarter. Hedge funds and other institutional investors own 64.08% of the company’s stock.

About Accuray

Accuray Incorporated designs, develops, manufactures, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China. It offers the CyberKnife platform, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate.