Accuray Incorporated (NASDAQ:ARAY) Sees Significant Drop in Short Interest

Accuray Incorporated (NASDAQ:ARAY) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 3,600,000 shares, a drop of 8.6% from the October 31st total of 3,940,000 shares. Based on an average daily volume of 633,300 shares, the days-to-cover ratio is currently 5.7 days.

Accuray Stock Performance

NASDAQ ARAY traded down $0.05 on Monday, reaching $2.18. The stock had a trading volume of 331,972 shares, compared to its average volume of 662,467. The company has a debt-to-equity ratio of 3.59, a quick ratio of 0.87 and a current ratio of 1.63. The stock has a market cap of $219.24 million, a P/E ratio of -13.00 and a beta of 1.40. The business’s 50-day moving average price is $1.86 and its 200 day moving average price is $1.85. Accuray has a 12-month low of $1.40 and a 12-month high of $3.05.

Accuray (NASDAQ:ARAY) last announced its quarterly earnings data on Wednesday, November 6th. The medical equipment provider reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The firm had revenue of $101.55 million during the quarter, compared to the consensus estimate of $98.10 million. Accuray had a negative net margin of 3.72% and a negative return on equity of 36.93%. During the same quarter last year, the firm earned ($0.03) earnings per share. As a group, equities analysts expect that Accuray will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ARAY. Armistice Capital LLC acquired a new position in Accuray during the second quarter worth about $910,000. Foundry Partners LLC boosted its holdings in shares of Accuray by 51.3% during the third quarter. Foundry Partners LLC now owns 2,187,160 shares of the medical equipment provider’s stock worth $3,937,000 after purchasing an additional 741,900 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Accuray by 9.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 73,146 shares of the medical equipment provider’s stock valued at $181,000 after purchasing an additional 6,583 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Accuray by 489.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 277,859 shares of the medical equipment provider’s stock worth $500,000 after buying an additional 230,695 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in Accuray in the 2nd quarter worth about $132,000. Institutional investors and hedge funds own 64.08% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Accuray from a “buy” rating to a “hold” rating in a research note on Friday, November 15th.

Accuray Company Profile

Accuray Incorporated designs, develops, manufactures, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China. It offers the CyberKnife platform, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate.