Brainsway (NASDAQ:BWAY) Raised to “Strong-Buy” at Zacks Research

Brainsway (NASDAQ:BWAY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts have also issued reports on BWAY. HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Brainsway in a research note on Thursday, July 2nd. Wall Street Zen upgraded Brainsway from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Finally, Weiss Ratings raised Brainsway from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat.com, Brainsway currently has an average rating of “Buy” and a consensus target price of $16.00.

Brainsway Stock Up 2.5%

BWAY opened at $14.45 on Monday. The firm has a 50-day moving average price of $15.11 and a 200-day moving average price of $13.62. Brainsway has a twelve month low of $5.68 and a twelve month high of $17.35. The company has a market capitalization of $579.88 million, a price-to-earnings ratio of 41.29 and a beta of 1.22.

Brainsway (NASDAQ:BWAY) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.07. Brainsway had a net margin of 15.68% and a return on equity of 12.28%. The company had revenue of $15.53 million for the quarter, compared to analysts’ expectations of $14.63 million. On average, sell-side analysts expect that Brainsway will post 0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brainsway

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its holdings in shares of Brainsway by 61.5% in the 1st quarter. NewEdge Advisors LLC now owns 19,828 shares of the company’s stock valued at $188,000 after acquiring an additional 7,549 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Brainsway during the second quarter worth about $85,000. UBS Group AG grew its holdings in shares of Brainsway by 2,028.6% during the third quarter. UBS Group AG now owns 63,878 shares of the company’s stock worth $963,000 after purchasing an additional 60,877 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Brainsway by 25.2% in the third quarter. Two Sigma Investments LP now owns 102,902 shares of the company’s stock worth $1,551,000 after purchasing an additional 20,706 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Brainsway in the third quarter worth approximately $107,000. 30.11% of the stock is currently owned by hedge funds and other institutional investors.

About Brainsway

Brainsway Ltd is a medical device company specializing in non-invasive neuromodulation therapies. Publicly traded on the NASDAQ under the symbol BWAY, the company develops and commercializes deep transcranial magnetic stimulation (Deep TMS) systems designed to treat a range of neuropsychiatric and neurological disorders. Brainsway’s technology aims to offer an alternative or complement to traditional pharmacological therapies by targeting precise brain regions with its patented coil designs.

The company’s flagship Deep TMS platform utilizes proprietary H-coil arrays engineered to reach deeper cortical structures than conventional TMS devices.