Varex Imaging (NASDAQ:VREX) Shares Gap Up After Better-Than-Expected Earnings

Posted by Defense World Staff on May 4th, 2023

Varex Imaging Co. (NASDAQ:VREX – Get Rating)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.27, but opened at $18.63. Varex Imaging shares last traded at $20.20, with a volume of 274,841 shares.

The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. Varex Imaging had a return on equity of 7.47% and a net margin of 3.69%. The firm had revenue of $228.00 million for the quarter, compared to analyst estimates of $215.70 million. During the same quarter in the prior year, the company earned $0.37 EPS. Varex Imaging’s revenue was up 6.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Varex Imaging from a “hold” rating to a “buy” rating in a research note on Wednesday.

Institutional Investors Weigh In On Varex Imaging

Several large investors have recently bought and sold shares of VREX. Envestnet Asset Management Inc. increased its holdings in shares of Varex Imaging by 36.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 10,859 shares of the company’s stock valued at $231,000 after acquiring an additional 2,901 shares during the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Varex Imaging by 59.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,968 shares of the company’s stock valued at $62,000 after buying an additional 730 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Varex Imaging by 31.0% in the 1st quarter. JPMorgan Chase & Co. now owns 347,400 shares of the company’s stock valued at $7,396,000 after buying an additional 82,155 shares during the period. Raymond James & Associates acquired a new position in Varex Imaging during the first quarter worth $235,000. Finally, Citigroup Inc. raised its holdings in Varex Imaging by 10.2% during the first quarter. Citigroup Inc. now owns 39,115 shares of the company’s stock worth $833,000 after purchasing an additional 3,627 shares during the last quarter.

Varex Imaging Stock Performance

The company has a quick ratio of 1.82, a current ratio of 3.86 and a debt-to-equity ratio of 0.84. The firm has a fifty day moving average of $17.94 and a 200-day moving average of $19.59. The stock has a market capitalization of $827.26 million, a price-to-earnings ratio of 26.45, a PEG ratio of 0.51 and a beta of 0.78.

Varex Imaging Company Profile

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Varex Imaging Corp. engages in the design, manufacture, and sale of imaging components. It operates through the Medical and Industrial segments. The Medical segment delivers and services x-ray imaging components, including X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, and three-dimensional reconstruction software.