Neuberger Berman Investment Advis recently announced the acquisition of new stake in Accuray Incorporated (NASDAQ:ARAY). The institutional investor has increased its shareholding in the Healthcare company by 7.98% to 5.25 million shares with purchase of 0.39 million shares. This fresh investment now brings its stake to 5.59% valued currently at $10.96 million. In addition, The Vanguard Group, Inc. raised its holdings by 66541.0 to 3.99 million shares. And Renaissance Technologies LLC has lifted its position by 1.64% or 60268.0 shares – to 3.73 million shares.
With over 0.29 million Accuray Incorporated (ARAY) shares trading Friday and a closing price of $2.38 on the day, the dollar volume was approximately $0.69 million. The shares have shown a positive half year performance of 17.24% and its price on 01/13/23 gained nearly 3.03%. Currently, there are 93.53M common shares owned by the public and among those 91.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for ARAY have a consensus price objective of $8.17. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $6.00. The average price target is 70.87% above its recent price level and an upside to the estimated low will see the stock gain 60.33% over that period. But an upside of 81.69% will see the stock hit the forecast high price target while median target price for the stock is $7.50.
Insiders at the company have transacted a total of 46 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 2,992,063 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 211,596 shares.
The top 3 mutual fund holders in Accuray Incorporated are Vanguard Total Stock Market Index, Heartland Group Inc. – Value Fund, and Neuberger Berman Intrinsic Value. Vanguard Total Stock Market Index owns 2.75 million shares of the company’s stock, all valued at over $5.74 million. The company bought an additional 0.17 million shares recently to bring their total holdings to about 2.93% of the shares outstanding. Neuberger Berman Intrinsic Value bought 72037.0 shares to bring its total holdings to over 1.89 million shares at a value of $3.94 million. Neuberger Berman Intrinsic Value now owns shares totaling to 2.01% of the shares outstanding.
Shares of Accuray Incorporated (NASDAQ: ARAY) opened at $2.32, up $0.01 from a prior closing price of $2.31. However, the script later moved the day high at 2.3900, up 3.03%. The company’s stock has a 5-day price change of 14.42% and 19.00% over the past three months. ARAY shares are trading 13.88% year to date (YTD), with the 12-month market performance down to -46.76% lower. It has a 12-month low price of $1.70 and touched a high of $4.54 over the same period. ARAY has an average intraday trading volume of 336.31K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.64%, 13.88%, and 4.07% respectively.
Institutional ownership of Accuray Incorporated (NASDAQ: ARAY) shares accounts for 65.20% of the company’s 93.53M shares outstanding. Mutual fund holders own 32.07%, while other institutional holders and individual stakeholders account for 44.93% and 18.83% respectively.
It has a market capitalization of $216.60M and a beta (3y monthly) value of 1.51. The earnings-per-share (ttm) stands at -$0.10. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.60% over the week and 4.29% over the month.
Analysts forecast that Accuray Incorporated (ARAY) will achieve an EPS of -$0.02 for the current quarter, -$0.01 for the next quarter and $0.13 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 15.30%, and 500.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Accuray Incorporated (ARAY) as a “Strong Buy” at a consensus score of 1.70. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARAY, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on June 23, 2022, with the firm’s price target at $7.50. Loop Capital coverage for the Accuray Incorporated (ARAY) stock in a research note released on December 22, 2021 offered a Buy rating with a price target of $7.50. JP Morgan on their part issued Underweight rating on December 13, 2017.
