Nano-X Imaging (NASDAQ:NNOX) Shares Down 2.8% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NNOX shares. Zacks Research cut Nano-X Imaging from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 22nd. Cantor Fitzgerald upgraded Nano-X Imaging to a “strong-buy” rating in a research note on Wednesday, March 4th. D. Boral Capital restated a “buy” rating and set a $5.00 price objective on shares of Nano-X Imaging in a research note on Monday, April 20th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Nano-X Imaging in a research note on Friday, April 10th. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Nano-X Imaging Stock Performance

The company has a market capitalization of $119.69 million, a P/E ratio of -1.08 and a beta of 1.19. The stock has a 50 day moving average price of $2.23 and a 200 day moving average price of $2.78.

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

Institutional Investors Weigh In On Nano-X Imaging

Several large investors have recently added to or reduced their stakes in the company. Sei Investments Co. purchased a new stake in Nano-X Imaging in the 1st quarter worth about $98,000. Independent Financial Group LLC purchased a new stake in Nano-X Imaging in the 1st quarter worth about $26,000. Hsbc Holdings PLC purchased a new stake in Nano-X Imaging in the 1st quarter worth about $35,000. Kestra Advisory Services LLC purchased a new stake in Nano-X Imaging in the 1st quarter worth about $26,000. Finally, Aristides Capital LLC purchased a new stake in Nano-X Imaging in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 21.49% of the company’s stock.

About Nano-X Imaging

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.