Viewray (NASDAQ:VRAY) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Viewray (NASDAQ:VRAY) from a strong-buy rating to a hold rating in a research note released on Saturday morning, Zacks.com reports.

According to Zacks, “ViewRay Inc. is a medical device company. The company develops advanced radiation therapy technology for the treatment of cancer. MRIdian system provides continuous soft-tissue imaging during treatment. ViewRay Inc. is headquartered in Oakwood Village, Ohio. “

VRAY has been the topic of a number of other reports. ValuEngine downgraded Viewray from a buy rating to a hold rating in a report on Friday, November 1st. Jefferies Financial Group decreased their price objective on Viewray from $14.00 to $7.00 and set a buy rating on the stock in a report on Friday, August 9th. Piper Jaffray Companies set a $6.00 price objective on Viewray and gave the company a buy rating in a report on Tuesday, October 15th. Northland Securities reaffirmed a buy rating and set a $5.00 price objective on shares of Viewray in a report on Monday, August 19th. Finally, BidaskClub raised Viewray from a strong sell rating to a sell rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Viewray has a consensus rating of Buy and a consensus price target of $7.30.

Shares of NASDAQ:VRAY traded up $0.04 on Friday, reaching $2.77. The company had a trading volume of 1,669,800 shares, compared to its average volume of 1,512,444. The company has a quick ratio of 3.01, a current ratio of 3.70 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $2.66 and a 200 day moving average price of $5.97. The stock has a market capitalization of $271.38 million, a P/E ratio of -2.83 and a beta of 1.00. Viewray has a twelve month low of $2.12 and a twelve month high of $9.76.

Viewray (NASDAQ:VRAY) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. The company had revenue of $20.90 million for the quarter, compared to the consensus estimate of $20.66 million. Viewray had a negative return on equity of 75.41% and a negative net margin of 110.61%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.39) earnings per share. On average, sell-side analysts predict that Viewray will post -1.13 earnings per share for the current fiscal year.

In other news, insider James F. Dempsey sold 279,414 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $3.57, for a total value of $997,507.98. Following the transaction, the insider now directly owns 272,433 shares of the company’s stock, valued at approximately $972,585.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.48% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its holdings in shares of Viewray by 6.8% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 22,940 shares of the company’s stock worth $202,000 after acquiring an additional 1,460 shares in the last quarter. Stephens Inc. AR boosted its holdings in shares of Viewray by 9.6% in the 2nd quarter. Stephens Inc. AR now owns 17,420 shares of the company’s stock worth $153,000 after acquiring an additional 1,522 shares in the last quarter. Wrapmanager Inc. boosted its holdings in shares of Viewray by 5.5% in the 2nd quarter. Wrapmanager Inc. now owns 34,699 shares of the company’s stock worth $306,000 after acquiring an additional 1,797 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Viewray by 4,390.1% in the 2nd quarter. Bank of Montreal Can now owns 5,882 shares of the company’s stock worth $52,000 after acquiring an additional 5,751 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Viewray by 2.3% in the 2nd quarter. Wells Fargo & Company MN now owns 265,935 shares of the company’s stock worth $2,343,000 after acquiring an additional 5,879 shares in the last quarter.

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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