Viewray (VRAY) Shares Gap Down on Disappointing Earnings

Shares of Viewray Inc (NASDAQ:VRAY) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $9.87, but opened at $8.75. Viewray shares last traded at $6.63, with a volume of 7094664 shares trading hands.

The company reported ($0.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.17). Viewray had a negative net margin of 83.84% and a negative return on equity of 353.05%. The business had revenue of $17.70 million during the quarter, compared to analysts’ expectations of $17.77 million. During the same period last year, the company posted ($0.19) EPS. Viewray’s revenue for the quarter was up 45.1% on a year-over-year basis.

A number of equities research analysts have recently issued reports on VRAY shares. BidaskClub raised shares of Viewray from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. ValuEngine cut shares of Viewray from a “strong-buy” rating to a “buy” rating in a research note on Thursday. BTIG Research reissued a “buy” rating and set a $14.00 price target on shares of Viewray in a research report on Tuesday, August 7th. Mizuho reissued a “buy” rating and set a $13.00 price target on shares of Viewray in a research report on Monday, August 6th. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $13.00 price target on shares of Viewray in a research report on Wednesday, October 3rd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $12.79.

In related news, major shareholder International Ltd Fosun acquired 2,702,702 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was acquired at an average cost of $9.25 per share, for a total transaction of $24,999,993.50. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Orbimed Advisors Llc sold 521,607 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $9.95, for a total transaction of $5,189,989.65. The disclosure for this sale can be found here. Corporate insiders own 43.93% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Voya Investment Management LLC raised its holdings in Viewray by 39.3% in the 2nd quarter. Voya Investment Management LLC now owns 19,006 shares of the company’s stock worth $132,000 after purchasing an additional 5,364 shares in the last quarter. Lido Advisors LLC raised its holdings in Viewray by 115.1% in the 2nd quarter. Lido Advisors LLC now owns 86,036 shares of the company’s stock worth $595,000 after purchasing an additional 46,036 shares in the last quarter. Swiss National Bank bought a new position in Viewray in the 2nd quarter worth $359,000. FNY Investment Advisers LLC bought a new position in Viewray in the 3rd quarter worth $190,000. Finally, BlackRock Inc. increased its stake in shares of Viewray by 0.4% in the 1st quarter. BlackRock Inc. now owns 1,859,946 shares of the company’s stock worth $11,960,000 after acquiring an additional 6,678 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

The company has a current ratio of 3.33, a quick ratio of 2.64 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $710.70 million, a PE ratio of -6.38 and a beta of 1.17.

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Viewray Company Profile (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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