Varex Imaging (NASDAQ:VREX) Shares Gap Down on Analyst Downgrade

Shares of Varex Imaging Co. (NASDAQ:VREX) gapped down before the market opened on Wednesday after Oppenheimer lowered their price target on the stock from $42.00 to $30.00. The stock had previously closed at $19.41, but opened at $17.77. Oppenheimer currently has an outperform rating on the stock. Varex Imaging shares last traded at $19.27, with a volume of 96,594 shares traded.

Other equities analysts have also recently issued research reports about the company. StockNews.com initiated coverage on Varex Imaging in a report on Thursday, October 5th. They set a “buy” rating for the company. TheStreet downgraded Varex Imaging from a “b-” rating to a “c+” rating in a research report on Wednesday, October 25th.

Institutional Investors Weigh In On Varex Imaging

A number of institutional investors have recently modified their holdings of the business. Ancora Advisors LLC lifted its holdings in shares of Varex Imaging by 100.8% during the 1st quarter. Ancora Advisors LLC now owns 1,265 shares of the company’s stock worth $26,000 after acquiring an additional 635 shares during the period. Federated Hermes Inc. lifted its position in shares of Varex Imaging by 216.3% in the 3rd quarter. Federated Hermes Inc. now owns 1,781 shares of the company’s stock worth $33,000 after purchasing an additional 1,218 shares during the period. Advisor Group Holdings Inc. boosted its position in Varex Imaging by 59.0% during the first quarter. Advisor Group Holdings Inc. now owns 1,968 shares of the company’s stock valued at $62,000 after acquiring an additional 730 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Varex Imaging in the first quarter worth $46,000. Finally, Quarry LP increased its position in Varex Imaging by 70.1% in the 1st quarter. Quarry LP now owns 2,305 shares of the company’s stock valued at $42,000 after buying an additional 950 shares in the last quarter.

Varex Imaging Price Performance

The company has a quick ratio of 2.15, a current ratio of 4.04 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average price of $18.54 and a two-hundred day moving average price of $20.72. The company has a market capitalization of $756.69 million, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 0.50 and a beta of 0.81.

Varex Imaging (NASDAQ:VREX) last announced its quarterly earnings data on Tuesday, November 14th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.12. The firm had revenue of $227.40 million during the quarter, compared to the consensus estimate of $233.38 million. Varex Imaging had a return on equity of 9.60% and a net margin of 5.40%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. As a group, research analysts anticipate that Varex Imaging Co. will post 1.34 EPS for the current year.

About Varex Imaging

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, 3D reconstruction and computer-aided diagnostic software, collimators, automatic exposure control devices, generators, heat exchangers, ionization chambers, and buckys.