Nano-X Imaging (NASDAQ:NNOX) Stock Price Down 2.8% – Here’s What Happened

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s share price traded down 2.8% on Friday . The company traded as low as $1.6750 and last traded at $1.72. 906,491 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 2,395,997 shares. The stock had previously closed at $1.77.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Zacks Research lowered shares of Nano-X Imaging from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Nano-X Imaging in a report on Friday, April 10th. Cantor Fitzgerald raised shares of Nano-X Imaging to a “strong-buy” rating in a report on Wednesday, March 4th. Finally, D. Boral Capital reissued a “buy” rating and issued a $5.00 price target on shares of Nano-X Imaging in a report on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.00.

Nano-X Imaging Stock Performance

The company’s 50 day moving average price is $2.23 and its 200 day moving average price is $2.78. The company has a market cap of $119.69 million, a price-to-earnings ratio of -1.08 and a beta of 1.19.

Nano-X Imaging (NASDAQ:NNOX) last issued its earnings results on Monday, April 20th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.35). The firm had revenue of $3.72 million during the quarter, compared to analyst estimates of $3.99 million. Nano-X Imaging had a negative net margin of 790.87% and a negative return on equity of 64.65%. During the same quarter in the prior year, the firm posted ($0.21) EPS. As a group, analysts predict that Nano-X Imaging Ltd. will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NNOX. Weiss Asset Management LP acquired a new position in Nano-X Imaging during the 4th quarter worth about $8,424,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Nano-X Imaging by 232.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,160,806 shares of the company’s stock worth $10,793,000 after buying an additional 1,510,806 shares in the last quarter. UBS Group AG lifted its position in Nano-X Imaging by 40.8% during the 4th quarter. UBS Group AG now owns 1,530,104 shares of the company’s stock worth $4,284,000 after buying an additional 443,459 shares in the last quarter. Jane Street Group LLC lifted its position in Nano-X Imaging by 4,646.0% during the 4th quarter. Jane Street Group LLC now owns 206,073 shares of the company’s stock worth $577,000 after buying an additional 201,731 shares in the last quarter. Finally, ARK Investment Management LLC lifted its position in Nano-X Imaging by 31.9% during the 4th quarter. ARK Investment Management LLC now owns 507,421 shares of the company’s stock worth $1,421,000 after buying an additional 122,633 shares in the last quarter. 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.