Accuray Stock Rating Upgraded by StockNews.com

Accuray (NASDAQ:ARAY) received an upgrade from analysts at StockNews.com, moving its rating from "hold" to "buy". This decision was announced in a research report published on Tuesday.

Accuray Stock Performance

On Tuesday, during mid-day trading, Accuray's stock price fell by 3.6%, decreasing by $0.07 to reach $1.85. In total, 827,886 shares changed hands, surpassing the company’s average trading volume of 780,936 shares. Accuray's stock has fluctuated, with a 52-week low of $1.40 and a high of $2.95. Financial indicators show that the company has a debt-to-equity ratio of 3.51, a current ratio of 1.62, and a quick ratio of 0.88. The 50-day simple moving average stands at $2.17, while the 200-day simple moving average is $2.03. As of now, Accuray boasts a market cap of $190.24 million, a negative PE ratio of -37.00, and a beta of 1.51.

Accuray previously disclosed its quarterly earnings results on February 5th. During that quarter, the medical equipment manufacturer reported earnings of $0.02 per share, outperforming analysts' expectations of a loss of ($0.01) by $0.03. However, the company has a negative return on equity of 9.75% and a net margin of -0.96%. Analysts predict that Accuray will achieve earnings of $0.01 per share for the ongoing fiscal year.

Institutional Ownership and Trading Activity

Several institutional investors have made moves regarding shares of Accuray recently. For example, US Bancorp DE significantly increased its stake in the company by 1,087.7% in the third quarter, acquiring 17,816 shares valued at approximately $32,000 after purchasing an additional 16,316 shares. Additionally, Ameriprise Financial Inc. established a new position worth around $35,000 in the fourth quarter. Other entities, such as Caprock Group LLC, Intech Investment Management LLC, and Prudential Financial Inc., have also acquired stakes in Accuray in the recent quarters, showcasing a growing interest in the company. Currently, institutional investors own about 64.08% of Accuray's shares.

About Accuray

Accuray Incorporated is engaged in designing, developing, manufacturing, and selling advanced radiosurgery and radiation therapy systems. Their technology is aimed at treating tumors in various global markets, including the United States, Canada, Latin America, Asia, Europe, and the Middle East. One of their notable products is the CyberKnife platform, a robotic system utilized for both stereotactic radiosurgery and body radiation therapy to target tumors, including those near the spine and in vital organs such as the breast, kidney, liver, lung, pancreas, and prostate.

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