Nano-X Imaging (NASDAQ:NNOX) Shares Down 5.9% – Should You Sell?

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s stock price traded down 5.9% during trading on Wednesday . The company traded as low as $2.99 and last traded at $3.01. 1,130,848 shares traded hands during trading, an increase of 32% from the average session volume of 859,060 shares. The stock had previously closed at $3.20.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. LADENBURG THALM/SH SH raised Nano-X Imaging to a “strong-buy” rating in a report on Thursday, November 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano-X Imaging in a research note on Monday, December 29th. Finally, D. Boral Capital restated a “buy” rating and issued a $8.00 target price on shares of Nano-X Imaging in a report on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $8.50.

Nano-X Imaging Stock Down 5.9%

The company has a 50 day moving average of $3.32 and a 200 day moving average of $3.81. The stock has a market capitalization of $196.79 million, a price-to-earnings ratio of -2.28 and a beta of 1.17.

Nano-X Imaging (NASDAQ:NNOX) last posted its quarterly earnings results on Thursday, November 20th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.47). Nano-X Imaging had a negative net margin of 680.11% and a negative return on equity of 48.75%. The business had revenue of $3.45 million during the quarter, compared to analysts’ expectations of $3.51 million. On average, research analysts forecast that Nano-X Imaging Ltd. will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors and hedge funds have recently bought and sold shares of NNOX. ARK Investment Management LLC boosted its holdings in shares of Nano-X Imaging by 37.1% in the 2nd quarter. ARK Investment Management LLC now owns 315,093 shares of the company’s stock valued at $1,629,000 after purchasing an additional 85,316 shares during the last quarter. Gainplan LLC acquired a new stake in shares of Nano-X Imaging during the 2nd quarter worth $59,000. CIBC Bancorp USA Inc. purchased a new position in shares of Nano-X Imaging in the 3rd quarter worth $40,000. PharVision Advisers LLC acquired a new position in Nano-X Imaging in the third quarter valued at $56,000. Finally, BNP Paribas Financial Markets grew its position in Nano-X Imaging by 64.6% during the third quarter. BNP Paribas Financial Markets now owns 19,743 shares of the company’s stock valued at $73,000 after acquiring an additional 7,749 shares during the period. Institutional investors and hedge funds own 21.49% of the company’s stock.

Nano-X Imaging Company Profile

Nano-X Imaging Ltd. is a medical technology company developing and commercializing a digital X-ray imaging platform designed to lower the cost and increase the accessibility of diagnostic imaging. Its flagship product, the Nanox.ARC, leverages a proprietary micro-electromechanical system (MEMS) based digital X-ray source and advanced image processing software to provide 2D and 3D imaging capabilities on a compact footprint. The system aims to streamline radiology workflows and facilitate point-of-care diagnostics in hospitals, clinics and outpatient settings.

The Nanox.ARC platform integrates a novel cold cathode X-ray source, which enables multiple emission points without the need for rotating anode tubes.