Accuray (ARAY) Stock Price Up 7.4% Following Insider Buying Activity

Accuray Incorporated (NASDAQ:ARAY) shares rose 7.4% on Wednesday after an insider bought additional shares in the company. The company traded as high as $5.30 and last traded at $5.24. Approximately 2,373,202 shares were traded during trading, an increase of 219% from the average daily volume of 744,697 shares. The stock had previously closed at $4.88.

Specifically, CEO Joshua Levine bought 25,000 shares of the business’s stock in a transaction dated Monday, November 5th. The shares were purchased at an average cost of $4.75 per share, with a total value of $118,750.00. Following the completion of the purchase, the chief executive officer now owns 1,356,036 shares in the company, valued at approximately $6,441,171. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Shigeyuki Hamamatsu sold 8,762 shares of the stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $4.48, for a total value of $39,253.76. Following the completion of the sale, the chief financial officer now directly owns 116,238 shares in the company, valued at $520,746.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,378 shares of company stock worth $218,502. Insiders own 3.40% of the company’s stock.

ARAY has been the topic of a number of recent research reports. Jefferies Financial Group reissued a “buy” rating and issued a $6.00 target price on shares of Accuray in a research note on Friday, August 17th. BidaskClub cut Accuray from a “sell” rating to a “strong sell” rating in a research report on Friday, August 17th. Citigroup raised Accuray from a “sell” rating to a “neutral” rating and increased their price objective for the company from $3.50 to $3.90 in a research report on Thursday, November 1st. Finally, BTIG Research reaffirmed a “hold” rating on shares of Accuray in a research report on Wednesday, August 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $6.36.

The company has a debt-to-equity ratio of 2.70, a current ratio of 1.68 and a quick ratio of 1.04. The stock has a market cap of $410.86 million, a P/E ratio of -18.71 and a beta of 1.60.

Accuray (NASDAQ:ARAY) last released its quarterly earnings data on Tuesday, October 30th. The medical equipment provider reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Accuray had a negative net margin of 5.79% and a negative return on equity of 42.15%. The business had revenue of $95.83 million for the quarter, compared to analysts’ expectations of $95.10 million. During the same period last year, the business earned ($0.11) earnings per share. On average, analysts predict that Accuray Incorporated will post -0.14 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in ARAY. BlackRock Inc. boosted its position in shares of Accuray by 10.0% during the first quarter. BlackRock Inc. now owns 8,090,671 shares of the medical equipment provider’s stock valued at $40,454,000 after buying an additional 737,107 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Accuray by 41.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,874,105 shares of the medical equipment provider’s stock worth $9,371,000 after purchasing an additional 553,814 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Accuray in the third quarter worth about $1,668,000. JPMorgan Chase & Co. boosted its position in Accuray by 1,329.4% in the third quarter. JPMorgan Chase & Co. now owns 324,279 shares of the medical equipment provider’s stock worth $1,459,000 after purchasing an additional 301,593 shares during the last quarter. Finally, Systematic Financial Management LP purchased a new position in Accuray in the second quarter worth about $1,064,000. 83.56% of the stock is currently owned by institutional investors.

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About Accuray (NASDAQ:ARAY)

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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