Analysts at Wall Street Zen have downgraded the stock rating of Brainsway (NASDAQ:BWAY) from “buy” to “hold” in a note issued to investors on November 24, 2023. This change reflects a shift in market sentiment regarding the company’s performance and future prospects.
Several other brokerages have also recently updated their assessments of Brainsway. HC Wainwright raised its target price for the company from $17.00 to $18.00, maintaining a “buy” rating as noted in a report dated November 13, 2023. Meanwhile, Weiss Ratings reaffirmed a “hold (c)” rating on the stock. Additionally, Northland Securities increased their price objective from $19.00 to $23.00, assigning an “outperform” rating in a research report released on November 12, 2023.
Currently, two analysts rate Brainsway as a “buy,” while one has issued a “hold” rating. According to data from MarketBeat, the stock holds an average rating of “Moderate Buy” with a consensus target price of $20.50.
Recent Earnings Report
On November 11, 2023, Brainsway released its latest earnings report. The company reported earnings per share (EPS) of $0.08 for the quarter, falling short of the consensus estimate of $0.11 by $0.03. Despite this miss, the company achieved revenues of $13.51 million, exceeding analyst expectations of $13.04 million. Furthermore, Brainsway reported a return on equity of 9.46% and a net margin of 12.73%. Analysts anticipate that Brainsway will post an EPS of $0.08 for the current fiscal year.
Institutional Investor Activity
Recent trading activity indicates a mixed approach from institutional investors regarding Brainsway. NewEdge Advisors LLC increased its stake in the company by 7.4% during the third quarter, now owning 28,629 shares valued at approximately $431,000, after acquiring an additional 1,964 shares. Similarly, Zuckerman Investment Group LLC raised its holdings by 5.3%, bringing their total ownership to 40,000 shares worth $603,000.
Other notable transactions include Huntleigh Advisors Inc., which lifted its position by 5.7%, now holding 77,416 shares valued at about $1,018,000, and Bank of America Corp DE, which acquired a new position worth approximately $107,000. Currently, institutional investors own 30.11% of Brainsway‘s stock.
Brainsway Ltd. specializes in developing and selling noninvasive neurostimulation treatments for various mental health disorders, both in the United States and internationally. The company’s offerings include a Deep Transcranial Magnetic Stimulation platform, targeting conditions such as major depressive disorders, obsessive-compulsive disorders, and schizophrenia, among others.
As Brainsway navigates these recent changes in ratings and investor sentiment, stakeholders will be keenly observing its upcoming performance metrics and strategic maneuvers.
