Is Accuray Incorporated (ARAY) a Good Buy?

As industrywide interest jumped, key money managers have jumped into Accuray Incorporated (NASDAQ:ARAY) headfirst. Point72 Asset Management, managed by Steve Cohen, established the most valuable position in Accuray Incorporated (NASDAQ:ARAY). Point72 Asset Management had $7.9 million invested in the company at the end of the quarter. Mike Vranos’s Ellington also made a $0.2 million investment in the stock during the quarter. The following funds were also among the new ARAY investors: Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and Matthew Tewksbury’s Stevens Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Accuray Incorporated (NASDAQ:ARAY). We will take a look at Carriage Services, Inc. (NYSE:CSV), Five Prime Therapeutics Inc (NASDAQ:FPRX), TravelCenters of America LLC (NYSE:TA), and DICE HOLDINGS, INC. (NYSE:DHX). This group of stocks’ market caps match ARAY’s market cap.

As you can see these stocks had an average of 15.75 hedge funds with bullish positions and the average amount invested in these stocks was $54 million. That figure was $94 million in ARAY’s case. Five Prime Therapeutics Inc (NASDAQ:FPRX) is the most popular stock in this table. On the other hand Carriage Services, Inc. (NYSE:CSV) is the least popular one with only 11 bullish hedge fund positions. Accuray Incorporated (NASDAQ:ARAY) is among the most popular stocks in the group and that, in combination with the total number of hedge funds long the stock increasing, makes it worth a closer look.