Brainsway (NASDAQ:BWAY) Hits New 52-Week High on Earnings Beat

Brainsway Ltd. Sponsored ADR (NASDAQ:BWAY) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $17.35 and last traded at $16.74, with a volume of 260714 shares. The stock had previously closed at $16.73.

The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.07. Brainsway had a return on equity of 12.51% and a net margin of 15.68%.The business had revenue of $15.53 million during the quarter, compared to the consensus estimate of $14.63 million.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BWAY shares. Wall Street Zen upgraded Brainsway from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Zacks Research lowered Brainsway from a “strong-buy” rating to a “hold” rating in a research report on Monday. Northland Securities set a $15.00 price objective on Brainsway in a research report on Thursday, January 22nd. HC Wainwright cut their price objective on Brainsway from $30.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, March 12th. Finally, Weiss Ratings upgraded Brainsway from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Institutional Investors Weigh In On Brainsway

A number of hedge funds have recently bought and sold shares of BWAY. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Brainsway during the first quarter valued at approximately $40,000. Raymond James Financial Inc. purchased a new stake in Brainsway during the second quarter valued at approximately $85,000. Bank of America Corp DE purchased a new stake in Brainsway during the third quarter valued at approximately $107,000. Royal Bank of Canada raised its position in Brainsway by 1,145.9% during the fourth quarter. Royal Bank of Canada now owns 8,410 shares of the company’s stock valued at $160,000 after purchasing an additional 7,735 shares during the period. Finally, Nano Cap New Millennium Growth Fund L P purchased a new stake in Brainsway during the fourth quarter valued at approximately $209,000. Hedge funds and other institutional investors own 30.11% of the company’s stock.

Brainsway Price Performance

The business has a 50-day simple moving average of $14.52 and a 200-day simple moving average of $11.62. The firm has a market capitalization of $653.45 million, a PE ratio of 46.63 and a beta of 1.23.

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.