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

Varex Imaging Co. (NASDAQ:VREX - Get Free Report)'s stock price gapped down prior to trading on Friday after Oppenheimer lowered their price target on the stock from $30.00 to $23.00. The stock had previously closed at $15.20, but opened at $13.50. Oppenheimer currently has an outperform rating on the stock. Varex Imaging shares last traded at $12.99, with a volume of 471,128 shares trading hands.

Several other equities research analysts have also issued reports on the stock. StockNews.com lowered shares of Varex Imaging from a "buy" rating to a "hold" rating in a research note on Thursday, January 30th. B. Riley restated a "buy" rating and set a $22.00 price target (up previously from $21.00) on shares of Varex Imaging in a research note on Friday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. KLP Kapitalforvaltning AS bought a new position in Varex Imaging in the 4th quarter valued at $98,000. American Century Companies Inc. raised its position in shares of Varex Imaging by 65.9% during the 4th quarter. American Century Companies Inc. now owns 66,402 shares of the company's stock valued at $969,000 after buying an additional 26,387 shares in the last quarter. Boston Partners purchased a new stake in shares of Varex Imaging during the 4th quarter valued at $8,718,000. Royce & Associates LP raised its position in shares of Varex Imaging by 70.4% during the 4th quarter. Royce & Associates LP now owns 746,770 shares of the company's stock valued at $10,895,000 after buying an additional 308,629 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Varex Imaging by 87.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 49,030 shares of the company's stock valued at $715,000 after buying an additional 22,829 shares in the last quarter.

Varex Imaging Stock Performance

The company's 50-day moving average price is $14.39 and its two-hundred day moving average price is $13.34. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.97 and a current ratio of 3.32. The stock has a market cap of $548.94 million, a PE ratio of -11.42 and a beta of 0.62.

Varex Imaging (NASDAQ:VREX - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.03. Varex Imaging had a negative net margin of 5.79% and a positive return on equity of 3.96%. On average, equities research analysts forecast that Varex Imaging Co. will post 0.63 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 and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.