Nano-X Imaging Ltd. (NASDAQ:NNOX) Receives $4.33 Average Price Target from Analysts

Shares of Nano-X Imaging Ltd. (NASDAQ:NNOX) have earned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $4.3333.

Several brokerages have issued reports on NNOX. Zacks Research upgraded Nano-X Imaging from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Alliance Global Partners cut Nano-X Imaging from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $5.00 to $3.00 in a research note on Tuesday, July 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Nano-X Imaging in a research report on Monday, August 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Nano-X Imaging in a research note on Wednesday, July 8th.

Nano-X Imaging Stock Performance

NASDAQ:NNOX opened at $0.70 on Monday. The firm has a 50-day simple moving average of $0.89 and a 200-day simple moving average of $1.56. Nano-X Imaging has a one year low of $0.67 and a one year high of $4.71. The firm has a market cap of $54.84 million, a P/E ratio of -0.33 and a beta of 1.26.

Nano-X Imaging (NASDAQ:NNOX) last issued its quarterly earnings data on Wednesday, September 9th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.63). The business had revenue of $4.16 million for the quarter, compared to analysts’ expectations of $5.38 million. Nano-X Imaging had a negative net margin of 926.05% and a negative return on equity of 116.93%. On average, research analysts predict that Nano-X Imaging will post -1.23 EPS for the current fiscal year.

Insider Transactions at Nano-X Imaging

In other news, Director Dan S. Suesskind purchased 60,000 shares of the stock in a transaction dated Monday, September 14th. The shares were acquired at an average cost of $0.76 per share, for a total transaction of $45,600.00. Following the acquisition, the director owned 110,000 shares of the company’s stock, valued at approximately $83,600. This represents a 120.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Erez Meltzer acquired 36,000 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was purchased at an average cost of $0.93 per share, for a total transaction of $33,480.00. Following the transaction, the chief executive officer owned 36,000 shares in the company, valued at approximately $33,480. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 175,443 shares of company stock worth $150,006 over the last 90 days. Company insiders own 7.74% of the company’s stock.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in shares of Nano-X Imaging by 711.1% during the 1st quarter. Bank of America Corp DE now owns 484,328 shares of the company’s stock valued at $1,099,000 after purchasing an additional 424,618 shares during the last quarter. Royal Bank of Canada increased its position in Nano-X Imaging by 27.8% during the 1st quarter. Royal Bank of Canada now owns 194,166 shares of the company’s stock valued at $440,000 after buying an additional 42,273 shares in the last quarter. Sei Investments Co. acquired a new position in Nano-X Imaging during the 1st quarter valued at about $98,000. Squarepoint Ops LLC acquired a new position in Nano-X Imaging during the 2nd quarter valued at about $66,000. Finally, PCM Encore LLC purchased a new stake in Nano-X Imaging in the second quarter valued at about $53,000. 21.49% of the stock is owned by hedge funds and other institutional investors.

About Nano-X Imaging

Nano-X Imaging Ltd. (NASDAQ:NNOX) is an Israeli medical technology company focused on expanding access to diagnostic imaging. The company develops digital X-ray systems and related software intended to provide affordable, digitally managed imaging services for hospitals, clinics, and other healthcare providers.

Its principal platform, Nanox.ARC, is a digital X-ray system designed around a proprietary cold-cathode X-ray source and a multi-source imaging architecture. The company also offers Nanox.CLOUD, a cloud-based platform intended to connect imaging devices with radiologists and healthcare networks, and Nanox.AI, software designed to assist with the detection and prioritization of findings in medical images.

Nano-X markets its technologies to customers and partners in multiple international markets, with regulatory clearances and commercial availability varying by product and jurisdiction.