Accuray (ARAY) Raised to “Neutral” at Citigroup

Citigroup upgraded shares of Accuray (NASDAQ:ARAY) from a sell rating to a neutral rating in a research report report published on Thursday morning, MarketBeat reports. Citigroup currently has $3.90 price objective on the medical equipment provider’s stock, up from their prior price objective of $3.50.

A number of other research firms have also weighed in on ARAY. Jefferies Financial Group reiterated a buy rating and issued a $6.00 price objective on shares of Accuray in a research report on Friday, August 17th. BTIG Research reiterated a hold rating on shares of Accuray in a research report on Wednesday, August 22nd. Finally, BidaskClub lowered shares of Accuray from a sell rating to a strong sell rating in a research report on Friday, August 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $6.36.

Shares of ARAY opened at $4.75 on Thursday. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.04 and a current ratio of 1.68. The company has a market cap of $410.86 million, a PE ratio of -16.96 and a beta of 1.60. Accuray has a 12-month low of $3.20 and a 12-month high of $6.15.

Accuray (NASDAQ:ARAY) last announced its earnings results on Tuesday, October 30th. The medical equipment provider reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $95.83 million for the quarter, compared to analysts’ expectations of $95.10 million. Accuray had a negative return on equity of 42.15% and a negative net margin of 5.79%. During the same quarter last year, the business posted ($0.11) earnings per share. Analysts anticipate that Accuray will post -0.14 earnings per share for the current year.

In related news, CFO Shigeyuki Hamamatsu sold 8,762 shares of Accuray stock in a transaction on Tuesday, October 2nd. The shares were sold at an average price of $4.48, for a total value of $39,253.76. Following the transaction, the chief financial officer now directly owns 116,238 shares in the company, valued at approximately $520,746.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joshua Levine sold 18,742 shares of Accuray stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $4.69, for a total transaction of $87,899.98. Following the completion of the transaction, the chief executive officer now owns 1,355,551 shares in the company, valued at $6,357,534.19. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,378 shares of company stock worth $218,502. 3.40% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Sei Investments Co. acquired a new stake in Accuray in the first quarter valued at $107,000. First Trust Advisors LP lifted its holdings in Accuray by 113.1% in the second quarter. First Trust Advisors LP now owns 27,337 shares of the medical equipment provider’s stock valued at $112,000 after acquiring an additional 14,508 shares during the period. KBC Group NV acquired a new stake in Accuray in the second quarter valued at $112,000. Jane Street Group LLC acquired a new stake in Accuray in the second quarter valued at $162,000. Finally, California Public Employees Retirement System lifted its holdings in Accuray by 37.5% in the second quarter. California Public Employees Retirement System now owns 75,522 shares of the medical equipment provider’s stock valued at $310,000 after acquiring an additional 20,600 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

About Accuray

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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Analyst Recommendations for Accuray (NASDAQ:ARAY)

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