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Can Accuray Incorporated (ARAY) Run Higher on Strong Earnings Estimate Revisions?

Zacks Equity Research

Accuray Incorporated (ARAY), engaged in designing, developing, and selling of radiosurgery and radiation therapy systems, could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ARAY’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames, suggesting that Accuray Incorporated could be a solid choice for investors.

Current Quarter Estimates for ARAY

In the past 30 days, 1 estimate have gone higher for Accuray Incorporated with no downward revision. The consensus estimate trend has been pretty favorable, with estimates narrowing from a loss of 8 cents per share 30 days ago to a loss of 7 cents today.

Current Year Estimates for ARAY

Meanwhile Accuray Incorporated’s current year figures are also looking quite promising with 2 estimates moving higher in the past month. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of 46 cents per share 30 days ago to a loss of 40 cents today.

Bottom Line

The stock has also started to move higher lately, adding 13.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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