ViewRay (NASDAQ:VRAY) Rating Reiterated by Oppenheimer

ViewRay (NASDAQ:VRAY – Get Rating)‘s stock had its “outperform” rating reissued by investment analysts at Oppenheimer in a note issued to investors on Tuesday, Benzinga reports. They presently have a $8.00 target price on the stock. Oppenheimer’s price target would indicate a potential upside of 84.33% from the company’s current price. Oppenheimer also issued estimates for ViewRay’s Q1 2024 earnings at ($0.15) EPS.

Several other research analysts have also commented on the stock. Piper Sandler upped their price objective on shares of ViewRay from $6.00 to $6.50 and gave the stock an “overweight” rating in a report on Wednesday, November 2nd. B. Riley restated a “buy” rating on shares of ViewRay in a report on Thursday, November 17th. Finally, Morgan Stanley upped their price objective on shares of ViewRay from $5.00 to $5.50 and gave the stock an “equal weight” rating in a report on Friday, November 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, ViewRay has an average rating of “Moderate Buy” and a consensus price target of $6.75.

ViewRay Trading Up 0.5 %

NASDAQ:VRAY opened at $4.34 on Tuesday. The company has a fifty day moving average of $4.55 and a 200 day moving average of $4.24. ViewRay has a 52 week low of $2.39 and a 52 week high of $4.96. The company has a quick ratio of 2.30, a current ratio of 2.67 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $787.35 million, a P/E ratio of -7.48 and a beta of 1.01.

ViewRay (NASDAQ:VRAY – Get Rating) last posted its quarterly earnings results on Monday, February 27th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. ViewRay had a negative net margin of 105.01% and a negative return on equity of 85.50%. The company had revenue of $34.70 million during the quarter, compared to analyst estimates of $34.65 million. During the same period in the prior year, the business posted ($0.16) EPS. The firm’s revenue was up 70.1% compared to the same quarter last year. On average, research analysts predict that ViewRay will post -0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VRAY. Parallax Volatility Advisers L.P. purchased a new stake in ViewRay during the 4th quarter valued at about $1,157,000. State of Wyoming purchased a new stake in ViewRay during the 4th quarter valued at about $57,000. Silverarc Capital Management LLC grew its position in ViewRay by 3.5% during the 4th quarter. Silverarc Capital Management LLC now owns 2,405,360 shares of the company’s stock valued at $10,776,000 after purchasing an additional 81,294 shares during the last quarter. Morgan Stanley grew its position in ViewRay by 57.2% during the 4th quarter. Morgan Stanley now owns 760,988 shares of the company’s stock valued at $3,409,000 after purchasing an additional 277,014 shares during the last quarter. Finally, Norges Bank purchased a new stake in ViewRay during the 4th quarter valued at about $444,000. 84.40% of the stock is currently owned by institutional investors.

About ViewRay

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ViewRay, Inc designs, manufactures and markets magnetic resonance imaging (MRI) system. It develops MRIdian to address the limitations of existing external-beam radiation therapy technologies, and employs MRI-based technology to provide real-time imaging that defines the tumor from the surrounding soft tissue, and other critical organs, both before and during radiation treatment delivery.