Nano-X Imaging Ltd. (NASDAQ:NNOX) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of Nano-X Imaging Ltd. (NASDAQ:NNOX) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $4.33.

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

Nano-X Imaging Stock Performance

Nano-X Imaging stock opened at $0.64 on Monday. Nano-X Imaging has a 1-year low of $0.63 and a 1-year high of $4.71. The firm has a market capitalization of $50.31 million, a price-to-earnings ratio of -0.30 and a beta of 1.26. The firm has a 50 day simple moving average of $0.88 and a 200 day simple moving average of $1.53.

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

Insider Activity at Nano-X Imaging

In other news, Director Dan S. Suesskind bought 60,000 shares of the stock in a transaction on 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 purchase, the director directly owned 110,000 shares of the company’s stock, valued at $83,600. This trade represents a 120.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Erez Meltzer purchased 36,000 shares of the business’s stock in a transaction on Monday, July 27th. The stock was purchased at an average cost of $0.93 per share, with a total value of $33,480.00. Following the completion of the acquisition, the chief executive officer owned 36,000 shares in the company, valued at approximately $33,480. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 175,443 shares of company stock worth $150,006 over the last quarter.

Hedge Funds Weigh In On Nano-X Imaging

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its position 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. Squarepoint Ops LLC bought a new stake in Nano-X Imaging in the 2nd quarter worth approximately $66,000. PCM Encore LLC purchased a new stake in Nano-X Imaging in the second quarter worth approximately $53,000. Sei Investments Co. bought a new position in Nano-X Imaging during the first quarter valued at approximately $98,000. Finally, Royal Bank of Canada raised its stake in shares of Nano-X Imaging by 27.8% during the first quarter. Royal Bank of Canada now owns 194,166 shares of the company’s stock worth $440,000 after acquiring an additional 42,273 shares in the last quarter. 21.49% of the stock is currently owned by hedge funds and other institutional investors.

Nano-X Imaging Company Profile

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.