Varex Imaging Co. (NASDAQ:VREX) Sees Large Growth in Short Interest

Varex Imaging Co. (NASDAQ:VREX) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 2,990,000 shares, an increase of 18.2% from the August 15th total of 2,530,000 shares. Based on an average trading volume of 560,000 shares, the days-to-cover ratio is presently 5.3 days.

Varex Imaging Trading Up 3.0 %

NASDAQ:VREX opened at $11.82 on Friday. The stock has a market cap of $483.44 million, a PE ratio of 13.28 and a beta of 0.56. Varex Imaging has a fifty-two week low of $10.19 and a fifty-two week high of $21.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.34 and a quick ratio of 1.89. The stock’s 50-day moving average is $12.89 and its two-hundred day moving average is $15.08.

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

Wall Street Analysts Forecast Growth

Separately, B. Riley began coverage on shares of Varex Imaging in a research report on Friday, August 23rd. They set a “buy” rating and a $21.00 price objective on the stock.

Insider Transactions at Varex Imaging

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

Institutional Investors Weigh In On Varex Imaging

Several institutional investors have recently made changes to their positions in VREX. Innealta Capital LLC bought a new position in Varex Imaging during the second quarter valued at approximately $26,000. Quest Partners LLC bought a new stake in Varex Imaging during the fourth quarter worth approximately $30,000. Canada Pension Plan Investment Board acquired a new position in Varex Imaging during the second quarter valued at approximately $38,000. Pacific Center for Financial Services acquired a new position in Varex Imaging during the first quarter valued at approximately $94,000. Finally, Inspire Advisors LLC bought a new position in shares of Varex Imaging in the first quarter valued at approximately $184,000.

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.