Nano-X Imaging (NASDAQ:NNOX) Trading Up 8% – Should You Buy?

Nano-X Imaging Ltd. (NASDAQ:NNOX) shares shot up 8% during trading on Wednesday . The stock traded as high as $9.16 and last traded at $9.05. 1,851,211 shares were traded during trading, a decline of 62% from the average session volume of 4,872,062 shares. The stock had previously closed at $8.38.

Analysts Set New Price Targets

NNOX has been the subject of a number of recent research reports. D. Boral Capital assumed coverage on shares of Nano-X Imaging in a research report on Monday, January 6th. They issued a “buy” rating and a $23.00 target price for the company. Cantor Fitzgerald increased their price objective on shares of Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, December 6th.

Nano-X Imaging Stock Performance

The stock has a market cap of $476.11 million, a price-to-earnings ratio of -9.69 and a beta of 1.97. The firm’s 50-day moving average price is $7.37 and its two-hundred day moving average price is $6.95.

Nano-X Imaging (NASDAQ:NNOX) last released its quarterly earnings results on Thursday, November 21st. The company reported ($0.23) EPS for the quarter. Nano-X Imaging had a negative net margin of 465.38% and a negative return on equity of 27.63%. During the same quarter in the previous year, the business posted ($0.37) EPS. As a group, sell-side analysts expect that Nano-X Imaging Ltd. will post -0.92 earnings per share for the current fiscal year.

Institutional Trading of Nano-X Imaging

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC purchased a new position in Nano-X Imaging during the third quarter worth about $25,000. Verition Fund Management LLC acquired a new position in shares of Nano-X Imaging in the 3rd quarter worth approximately $88,000. Gainplan LLC purchased a new position in shares of Nano-X Imaging during the 4th quarter worth approximately $92,000. Creative Planning acquired a new stake in Nano-X Imaging in the 3rd quarter valued at approximately $107,000. Finally, Intech Investment Management LLC purchased a new stake in Nano-X Imaging in the third quarter valued at approximately $124,000. 21.49% of the stock is currently owned by hedge funds and other institutional investors.

About Nano-X Imaging

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.