Viewray (VRAY) Shares Gap Up to $9.42

Viewray Inc (NASDAQ:VRAY) gapped up before the market opened on Friday . The stock had previously closed at $9.05, but opened at $9.42. Viewray shares last traded at $9.50, with a volume of 2356025 shares.

Several research firms have commented on VRAY. Robert W. Baird began coverage on Viewray in a research note on Thursday. They set an “outperform” rating and a $14.00 price objective for the company. Cantor Fitzgerald reiterated a “buy” rating and set a $13.00 price objective on shares of Viewray in a research note on Wednesday, October 3rd. BidaskClub lowered Viewray from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. BTIG Research reiterated a “buy” rating and set a $14.00 price objective on shares of Viewray in a research note on Tuesday, August 7th. Finally, Mizuho reiterated a “buy” rating and set a $13.00 price objective on shares of Viewray in a research note on Monday, August 6th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $12.79.

The firm has a market capitalization of $712.96 million, a price-to-earnings ratio of -9.50 and a beta of 1.10. The company has a quick ratio of 2.64, a current ratio of 3.33 and a debt-to-equity ratio of 1.17.

Viewray (NASDAQ:VRAY) last issued its earnings results on Friday, August 3rd. The company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.09). The company had revenue of $16.44 million for the quarter, compared to analyst estimates of $15.97 million. Viewray had a negative return on equity of 353.05% and a negative net margin of 83.84%. The company’s revenue for the quarter was up 2255.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. Research analysts forecast that Viewray Inc will post -0.8 EPS for the current year.

In other news, insider Fmr Llc sold 127,206 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $12.07, for a total transaction of $1,535,376.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder International Ltd Fosun bought 2,702,702 shares of the stock in a transaction dated Thursday, August 30th. The shares were bought at an average price of $9.25 per share, for a total transaction of $24,999,993.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 3,436,496 shares of company stock worth $36,326,958. Insiders own 43.93% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Viewray by 209.7% in the second quarter. Bank of America Corp DE now owns 14,710 shares of the company’s stock valued at $101,000 after acquiring an additional 9,960 shares during the last quarter. Sei Investments Co. acquired a new position in Viewray in the second quarter valued at approximately $121,000. Metropolitan Life Insurance Co. NY acquired a new position in Viewray in the second quarter valued at approximately $124,000. Raymond James Financial Services Advisors Inc. acquired a new position in Viewray in the second quarter valued at approximately $131,000. Finally, Voya Investment Management LLC lifted its holdings in Viewray by 39.3% in the second quarter. Voya Investment Management LLC now owns 19,006 shares of the company’s stock valued at $132,000 after acquiring an additional 5,364 shares during the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.

About Viewray (NASDAQ:VRAY)

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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