Varex Imaging Co. (NASDAQ:VREX) Sees 17.4% Drop in Short Interest for February

Varex Imaging Co. (NASDAQ:VREX) experienced a notable decrease in short interest during February. As of February 28th, the total short interest was reported at 966,300 shares, marking a significant decline of 17.4% from the 1,170,000 shares recorded on February 13th. This reduction indicates that around 2.5% of Varex Imaging's shares are currently sold short. Given an average daily trading volume of 511,600 shares, the current days-to-cover ratio stands at 1.9 days.

Recent Analyst Ratings

Multiple research firms have made updates regarding Varex Imaging. On February 7th, B. Riley reaffirmed a "buy" rating and adjusted the price target for VREX to $22.00, raising it from $21.00. Simultaneously, StockNews.com upgraded its rating on Varex Imaging from "hold" to "buy". However, Oppenheimer decreased their price target from $30.00 to $23.00 while maintaining an "outperform" rating following their report on the same day.

Stock Performance Overview

As of Tuesday, Varex Imaging's stock opened at $12.82. The company’s 50-day moving average stands at $13.35, while the 200-day moving average is at $13.42. Over the last year, Varex Imaging has seen lows of $10.19 and highs of $18.30. The company's market capitalization is approximately $528.18 million, with a price-to-earnings (P/E) ratio of -10.96 and a beta value of 0.56. Its quick ratio is 2.50, the current ratio is 4.36, and the debt-to-equity ratio is 1.02.

Latest Earnings Results

Varex Imaging reported its latest earnings on February 6th, revealing earnings per share (EPS) of $0.07, which exceeded the analysts' consensus estimate of $0.04 by $0.03. The company recorded a negative net margin of 5.79% but managed a positive return on equity of 4.00%. Analysts project that Varex Imaging will achieve EPS of 0.53 for the current fiscal year.

Recent Institutional Activity

There have been several changes in institutional holdings for Varex Imaging. In the fourth quarter, Aquatic Capital Management LLC established a new position in Varex Imaging valued at around $25,000. Likewise, Quest Partners LLC took a new stake worth approximately $41,000 during the third quarter. Quadrant Capital Group LLC increased its position significantly by 115.4% in the fourth quarter, owning a total of 2,837 shares valued at $41,000 after acquiring an additional 1,520 shares. Point72 Hong Kong Ltd also made a new investment in Varex Imaging with a stake worth around $48,000, and KLP Kapitalforvaltning AS entered with a stake valued at approximately $98,000.

About Varex Imaging

Varex Imaging Corporation specializes in the design, manufacturing, and sale of X-ray imaging components. The company operates through two main segments: Medical and Industrial. The Medical segment focuses on designing and providing X-ray imaging components, including X-ray tubes, digital detectors, and various accessories like ionization chambers, high voltage connectors, image-processing software, and 3D reconstruction software.

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