8 Best Robotics Stocks Under $10

4. Accuray Incorporated (NASDAQ:ARAY)

Share Price as of June 11: $1.74

Number of Hedge Fund Holders: 11

Accuray Incorporated (NASDAQ:ARAY) is a healthcare company specializing in the design, development, manufacturing, and sale of radiosurgery and radiation therapy systems for tumor treatment. Their notable product, the CyberKnife System, is a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for treating primary and metastatic tumors outside the brain.

In the third quarter, Accuray Incorporated (NASDAQ:ARAY) reported a loss of $6.3 million, or $0.06 per share, a significant drop from its profit of $0.01 per share in the same period the previous year. This loss was greater than analysts’ expectations, who had predicted a loss of $0.01 per share. Revenue also fell by 14.3% year-over-year to $101.1 million, missing the estimated $113.65 million.

Despite these setbacks, the company reported a positive development with a 21% increase in gross orders, reaching $89.1 million, and a significant improvement in its book-to-bill ratio, which rose to 1.8 from 1.2 the previous year. Looking ahead, Accuray’s management projected FY 2024 revenue to be between $432 million and $437 million, with adjusted EBITDA ranging from $19 million to $22 million.

Notably, following the earnings miss, Accuray Incorporated (NASDAQ:ARAY) Board Chair Joseph E. Whitters purchased 100,000 shares of the company at a total of $156,050, marking the largest insider buy since 2014.

At the end of the first quarter of 2024, 11 hedge funds tracked by Insider Monkey held stakes in Accuray Incorporated (NASDAQ:ARAY). The largest hedge fund stakeholder was Constantinos J. Christofilis’s Archon Capital Management, with holdings valued at $16.08 million.