How does Accuray Incorporated (ARAY) change from a tortoise to a hare?

Accuray Incorporated (NASDAQ: ARAY) stock jumped 8.40% on Monday to $2.58 against a previous-day closing price of $2.38. With 1.03 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.33 million shares. During the session, the Medical Devices company that operates in wider Healthcare sector, reached to the highest price of $2.5800 whereas the lowest price it dropped to was $2.3700. The 52-week range on ARAY shows that it touched its highest point at $4.36 and its lowest point at $1.70 during that stretch. It currently has a 1-year price target of $8.17. Beta for the stock currently stands at 1.51.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ARAY was up-trending over the past week, with a rise of 8.40%, but this was up by 31.63% over a month. Three-month performance surged to 36.51% while six-month performance rose 21.70%. The stock lost -38.13% in the past year, while it has gained 23.44% so far this year. A look at the trailing 12-month EPS for ARAY yields -0.10 with Next year EPS estimates of 0.12. For the next quarter, that number is -0.02. This implies an EPS growth rate of 15.30% for this year and 500.00% for next year.

Float and Shares Shorts:

At present, 93.53 million ARAY shares are outstanding with a float of 91.47 million shares on hand for trading. On Oct 13, 2022, short shares totaled 5.03 million, which was 5.38% higher than short shares on Sep 14, 2022. In addition to Ms. Suzanne Winter M.B.A. as the firm’s Pres, CEO & Director, Mr. Ali Pervaiz serves as its Sr. VP & CFO.

Institutional Ownership:

Through their ownership of 68.38% of ARAY’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 44.93% of ARAY, in contrast to 32.07% held by mutual funds. Shares owned by individuals account for 18.84%. As the largest shareholder in ARAY with 6.33% of the stake, Archon Capital Management LLC holds 5,936,991 shares worth 5,936,991. A second-largest stockholder of ARAY, Neuberger Berman Investment Advis, holds 5,246,160 shares, controlling over 5.59% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in ARAY, holding 3,989,161 shares or 4.25% stake. With a 2.93% stake in ARAY, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 2,748,522 shares are owned by the mutual fund manager. The Heartland Group Inc. – Value Fund, which owns about 2.13% of ARAY stock, is the second-largest Mutual Fund holder. It holds 2,000,000 shares valued at 4.18 million. Neuberger Berman Intrinsic Value holds 2.01% of the stake in ARAY, owning 1,885,107 shares worth 3.94 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ARAY since 6 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ARAY analysts setting a high price target of $13.00 and a low target of $6.00, the average target price over the next 12 months is $8.17. Based on these targets, ARAY could surge 403.88% to reach the target high and rise by 132.56% to reach the target low. Reaching the average price target will result in a growth of 216.67% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ARAY will report FY 2023 earnings on 08/17/2023. Analysts have provided yearly estimates in a range of $0.02 being high and -$0.06 being low. For ARAY, this leads to a yearly average estimate of -$0.03. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Accuray Incorporated surprised analysts by -$0.03 when it reported -$0.06 EPS against a consensus estimate of -$0.03. The surprise factor in the prior quarter was $0.02. The average estimate for the next quarter is thus -$0.02.

Summary of Insider Activity:

Insiders traded ARAY stock several times over the past three months with 19 Buys and 14 Sells. In these transactions, 2,342,505 shares were bought while 141,772 shares were sold. The number of buy transactions has increased to 25 while that of sell transactions has risen to 22 over the past year. The total number of shares bought during that period was 2,992,063 while 213,649 shares were sold.

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