Varex Imaging Co. (NASDAQ:VREX) Short Interest Down 17.4% in September

Varex Imaging Co. (NASDAQ:VREX) was the recipient of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 2,470,000 shares, a decline of 17.4% from the August 31st total of 2,990,000 shares. Based on an average daily trading volume, of 679,000 shares, the days-to-cover ratio is presently 3.6 days.

Varex Imaging Stock Performance

Shares of VREX opened at $11.92 on Monday. The company’s 50 day simple moving average is $12.27 and its 200-day simple moving average is $14.66. The firm has a market cap of $487.53 million, a PE ratio of 13.39 and a beta of 0.56. Varex Imaging has a 12-month low of $10.19 and a 12-month high of $21.50. The company has a current ratio of 3.34, a quick ratio of 1.89 and a debt-to-equity ratio of 0.67.

Varex Imaging (NASDAQ:VREX) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). Varex Imaging had a net margin of 4.11% and a return on equity of 6.11%. The company had revenue of $209.00 million during the quarter, compared to analyst estimates of $209.50 million. During the same quarter last year, the firm earned $0.37 EPS. The business’s revenue was down 10.0% on a year-over-year basis. As a group, equities analysts predict that Varex Imaging will post 0.46 EPS for the current year.

Insider Activity

In related news, CFO Shubham Maheshwari bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $10.82 per share, for a total transaction of $108,200.00. Following the acquisition, the chief financial officer now owns 56,063 shares of the company’s stock, valued at $606,601.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Kimberley E. Honeysett sold 2,578 shares of Varex Imaging stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $12.53, for a total value of $32,302.34. Following the completion of the transaction, the senior vice president now owns 275 shares in the company, valued at $3,445.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Shubham Maheshwari acquired 10,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $10.82 per share, with a total value of $108,200.00. Following the completion of the transaction, the chief financial officer now owns 56,063 shares in the company, valued at approximately $606,601.66. The disclosure for this purchase can be found here. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of VREX. Russell Investments Group Ltd. raised its holdings in shares of Varex Imaging by 424.3% in the first quarter. Russell Investments Group Ltd. now owns 81,847 shares of the company’s stock worth $1,481,000 after acquiring an additional 66,235 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Varex Imaging by 287.4% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 165,103 shares of the company’s stock valued at $2,432,000 after acquiring an additional 122,488 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Varex Imaging by 11.8% in the first quarter. First Eagle Investment Management LLC now owns 357,687 shares of the company’s stock worth $6,474,000 after acquiring an additional 37,800 shares during the last quarter. Empowered Funds LLC purchased a new stake in Varex Imaging in the first quarter valued at approximately $734,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Varex Imaging by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 529,243 shares of the company’s stock valued at $10,849,000 after buying an additional 26,411 shares during the period.

Wall Street Analysts Forecast Growth

Separately, B. Riley started coverage on Varex Imaging in a research note on Friday, August 23rd. They set a “buy” rating and a $21.00 target price for the company.

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.