Varex Imaging Co. (NASDAQ:VREX) Sees Short Interest Decrease

Varex Imaging Co. (NASDAQ:VREX) experienced a notable decline in short interest during February. As of February 28th, the short interest totaled 966,300 shares, representing a significant drop of 17.4% compared to the previous total of 1,170,000 shares recorded on February 13th. This indicates that approximately 2.5% of the company's shares are currently sold short. Given the average daily trading volume of 511,600 shares, the days-to-cover ratio now stands at 1.9 days.

Analyst Ratings and Insights

In recent evaluations, several research firms have provided updates regarding Varex Imaging. On February 7th, B. Riley reiterated a "buy" rating and increased the price target from $21.00 to $22.00. Additionally, StockNews.com upgraded Varex Imaging from a "hold" to a "buy" rating on the same day. However, Oppenheimer adjusted its price target downwards from $30.00 to $23.00 while maintaining an "outperform" rating for the stock.

Stock Performance Overview

As for the stock performance, Varex Imaging shares opened at $12.82 on Tuesday. The 50-day moving average is $13.35, while the 200-day average is $13.42. Over the past year, the stock has traded as low as $10.19 and reached a high of $18.30. The company's market capitalization stands at approximately $528.18 million, with a PE ratio of -10.96 and a beta of 0.56. Financial metrics show a quick ratio of 2.50, a current ratio of 4.36, and a debt-to-equity ratio of 1.02.

In terms of earnings, Varex Imaging reported its latest results on February 6th, revealing earnings per share (EPS) of $0.07 for the quarter. This exceeded analysts' consensus estimate of $0.04 by $0.03. The company noted a negative net margin of 5.79% but achieved a return on equity of 4.00%. Analysts predict that Varex Imaging will post an EPS of 0.53 for the current year.

Institutional Investment Changes

Recent changes in institutional ownership also reflect varying interests in Varex Imaging. Aquatic Capital Management LLC made a new investment in the fourth quarter valued at around $25,000. Quest Partners LLC acquired a stake worth approximately $41,000 in the third quarter. Furthermore, Quadrant Capital Group LLC increased its holdings by 115.4% in the fourth quarter, now owning 2,837 shares valued at $41,000 after acquiring an additional 1,520 shares. Other institutional investors such as Point72 Hong Kong Ltd and KLP Kapitalforvaltning AS also made new stakes valued at $48,000 and $98,000, respectively.

Company Overview

Varex Imaging Corporation specializes in designing, manufacturing, and selling X-ray imaging components. The company operates through two main segments: Medical and Industrial. The Medical segment focuses on the design, manufacture, sale, and servicing of X-ray imaging components, which include X-ray tubes, digital detectors, various accessories, and advanced imaging software.

Conclusion and Outlook

As Varex Imaging continues to navigate fluctuations in market interest and institutional investment, it remains advisable for investors to stay updated on relevant performance metrics and analyst ratings. Interested investors should evaluate the company's position within the broader market context.

Varex, Imaging, Stocks