Nano-X Imaging (NASDAQ:NNOX) Trading Down 7% – Here’s Why

Nano-X Imaging Ltd. (NASDAQ:NNOX) shares fell 7% during trading on Wednesday . The stock traded as low as $8.60 and last traded at $8.76. 1,332,744 shares were traded during mid-day trading, a decline of 82% from the average session volume of 7,228,701 shares. The stock had previously closed at $9.42.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. D. Boral Capital initiated coverage on Nano-X Imaging in a research note on Monday. They set a “buy” rating and a $23.00 price target on the stock. Cantor Fitzgerald upped their target price on Nano-X Imaging from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th.

Nano-X Imaging Trading Down 6.7 %

The business has a 50-day moving average of $6.84 and a 200 day moving average of $6.83. The firm has a market capitalization of $507.88 million, a PE ratio of -10.34 and a beta of 1.97.

Hedge Funds Weigh In On Nano-X Imaging

Large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC purchased a new stake in shares of Nano-X Imaging in the third quarter worth about $25,000. Verition Fund Management LLC purchased a new stake in Nano-X Imaging in the 3rd quarter worth approximately $88,000. Creative Planning bought a new position in Nano-X Imaging in the 3rd quarter valued at $107,000. Intech Investment Management LLC purchased a new position in shares of Nano-X Imaging during the 3rd quarter valued at $124,000. Finally, SG Americas Securities LLC bought a new position in shares of Nano-X Imaging in the third quarter worth $124,000. 21.49% of the stock is owned by institutional investors.

Nano-X Imaging Company Profile

Nano-X Imaging Ltd. develops a commercial-grade tomographic imaging device with a digital X-ray source. The company provides teleradiology services and develops artificial intelligence applications to be used in real-world medical imaging applications. Its X-ray source is based on a digital micro-electro-mechanical systems semiconductor cathode.