Zacks: Analysts Anticipate Viewray Inc (VRAY) Will Post Quarterly Sales of $14.34 Million

Wall Street brokerages forecast that Viewray Inc (NASDAQ:VRAY) will announce $14.34 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Viewray’s earnings, with the lowest sales estimate coming in at $12.60 million and the highest estimate coming in at $16.05 million. Viewray posted sales of $700,000.00 during the same quarter last year, which suggests a positive year-over-year growth rate of 1,948.6%. The business is scheduled to announce its next earnings report on Monday, November 12th.

According to Zacks, analysts expect that Viewray will report full year sales of $86.48 million for the current fiscal year, with estimates ranging from $84.80 million to $88.53 million. For the next financial year, analysts anticipate that the company will post sales of $143.94 million per share, with estimates ranging from $127.80 million to $159.67 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Viewray.

Viewray (NASDAQ:VRAY) last released its earnings results on Friday, August 3rd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.09). The business had revenue of $16.44 million during the quarter, compared to the consensus estimate of $15.97 million. Viewray had a negative net margin of 83.84% and a negative return on equity of 353.05%. The firm’s revenue for the quarter was up 2255.3% on a year-over-year basis. During the same period last year, the business posted ($0.15) EPS.

A number of brokerages have commented on VRAY. BidaskClub cut shares of Viewray from a “buy” rating to a “hold” rating in a research note on Wednesday. Mizuho reiterated a “buy” rating and issued a $13.00 price target on shares of Viewray in a research note on Monday, August 6th. ValuEngine upgraded shares of Viewray from a “hold” rating to a “buy” rating in a research note on Wednesday, July 4th. Cantor Fitzgerald reiterated a “buy” rating and issued a $13.00 price target on shares of Viewray in a research note on Friday, May 11th. Finally, BTIG Research reiterated a “buy” rating and issued a $14.00 price target on shares of Viewray in a research note on Tuesday, August 7th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Viewray currently has a consensus rating of “Buy” and an average target price of $12.58.

In other news, insider Fmr Llc sold 258,565 shares of the firm’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $11.51, for a total transaction of $2,976,083.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Orbimed Advisors Llc sold 1,368,796 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $9.97, for a total transaction of $13,646,896.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,728,941 shares of company stock valued at $29,286,786. 43.93% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Viewray by 88.5% in the 4th quarter. Bank of New York Mellon Corp now owns 205,129 shares of the company’s stock worth $1,901,000 after purchasing an additional 96,302 shares in the last quarter. Fosun International Ltd increased its holdings in Viewray by 61.2% in the 1st quarter. Fosun International Ltd now owns 10,767,975 shares of the company’s stock valued at $69,239,000 after buying an additional 4,090,000 shares during the period. BlackRock Inc. increased its holdings in Viewray by 0.4% in the 1st quarter. BlackRock Inc. now owns 1,859,946 shares of the company’s stock valued at $11,960,000 after buying an additional 6,678 shares during the period. Russell Investments Group Ltd. increased its holdings in Viewray by 8.4% in the 1st quarter. Russell Investments Group Ltd. now owns 407,151 shares of the company’s stock valued at $2,618,000 after buying an additional 31,416 shares during the period. Finally, Park West Asset Management LLC increased its holdings in Viewray by 31.8% in the 1st quarter. Park West Asset Management LLC now owns 3,446,113 shares of the company’s stock valued at $22,158,000 after buying an additional 830,898 shares during the period. Institutional investors own 84.02% of the company’s stock.

VRAY stock traded up $0.10 during trading hours on Tuesday, reaching $9.89. The stock had a trading volume of 1,857,253 shares, compared to its average volume of 2,070,624. The company has a current ratio of 3.33, a quick ratio of 3.04 and a debt-to-equity ratio of 1.17. Viewray has a fifty-two week low of $5.11 and a fifty-two week high of $13.21.

About Viewray

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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