Analysts at Wall Street Zen have downgraded the stock of Brainsway Ltd. (NASDAQ: BWAY) from a “buy” rating to a “hold” rating, as outlined in a note issued to investors on Monday. This change comes amid a backdrop of mixed reviews from other financial institutions, reflecting varying perspectives on the company’s performance and future potential.
In a recent report, HC Wainwright raised its target price for Brainsway shares from $17.00 to $18.00, maintaining a “buy” rating. This update was released on November 13, 2023. Conversely, Weiss Ratings reiterated a “hold (c)” rating in its analysis published on November 24, 2023. Additionally, Northland Securities increased its price objective for Brainsway from $19.00 to $23.00 while categorizing the stock as “outperform” in a report dated November 12, 2023.
Currently, two analysts have assigned a “buy” rating to Brainsway, while one has given it a “hold” rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.50.
Recent Earnings Report Highlights
Brainsway’s latest earnings results, released on November 11, 2023, indicated that the company recorded earnings per share (EPS) of $0.08 for the quarter, falling short of the consensus estimate of $0.11 by $0.03. Revenue for the quarter amounted to $13.51 million, surpassing analyst predictions of $13.04 million. The company reported a return on equity of 9.46% and a net margin of 12.73%. Analysts anticipate that Brainsway will achieve an EPS of $0.08 for the current fiscal year.
Institutional Investors Adjust Holdings
Institutional investors have been actively adjusting their positions in Brainsway. NewEdge Advisors LLC increased its holdings 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 lifted its stake by 5.3%, now holding 40,000 shares worth around $603,000 following a purchase of 2,000 shares.
Additionally, Huntleigh Advisors Inc. increased its position by 5.7% during the second quarter, bringing its total to 77,416 shares valued at approximately $1,018,000. Raymond James Financial Inc. and Bank of America Corp DE also entered new positions in Brainsway during the second and third quarters, respectively, with investments of about $85,000 and $107,000. Presently, institutional investors hold 30.11% of Brainsway’s stock.
Brainsway Ltd. specializes in the development and sale of noninvasive neurostimulation treatments aimed at addressing a variety of mental health disorders. Its innovative Deep Transcranial Magnetic Stimulation technology targets conditions such as major depressive disorders, anxiety, obsessive-compulsive disorder, smoking addiction, and post-traumatic stress disorder, among others.
Investors will continue to monitor developments as Brainsway navigates both market challenges and opportunities for growth in the mental health treatment sector.
