Nano-X Imaging Ltd. (NASDAQ:NNOX) Stock Has Average Price Target of $4.33

Shares of Nano-X Imaging Ltd. (NASDAQ:NNOX) have earned an average rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $4.33.

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Nano-X Imaging in a report on Monday, August 17th. Zacks Research raised shares of Nano-X Imaging from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nano-X Imaging in a report on Friday, October 2nd. Finally, Alliance Global Partners downgraded shares of Nano-X Imaging from a “buy” rating to a “neutral” rating and reduced their price target for the company from $5.00 to $3.00 in a research report on Tuesday, July 7th.

Nano-X Imaging Stock Down 3.8%

NASDAQ:NNOX opened at $0.49 on Friday. The stock’s 50 day moving average price is $0.77 and its 200 day moving average price is $1.34. The company has a market capitalization of $38.60 million, a PE ratio of -0.23 and a beta of 1.28. Nano-X Imaging has a 52-week low of $0.48 and a 52-week high of $4.71.

Nano-X Imaging (NASDAQ:NNOX) last released its quarterly earnings results on Wednesday, September 9th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.63). Nano-X Imaging had a negative return on equity of 116.93% and a negative net margin of 926.05%. The firm had revenue of $4.16 million for the quarter, compared to analyst estimates of $5.38 million. As a group, sell-side analysts anticipate that Nano-X Imaging will post -1.23 EPS for the current fiscal year.

Insider Buying and Selling at Nano-X Imaging

In other Nano-X Imaging news, CEO Erez Meltzer acquired 36,000 shares of the company’s stock in a transaction on Monday, July 27th. The shares were bought at an average cost of $0.93 per share, for a total transaction of $33,480.00. Following the completion of the purchase, the chief executive officer owned 36,000 shares in the company, valued at $33,480. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dan S. Suesskind bought 60,000 shares of Nano-X Imaging stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of $0.76 per share, with a total value of $45,600.00. Following the completion of the acquisition, the director directly owned 110,000 shares of the company’s stock, valued at approximately $83,600. The trade was a 120.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 175,443 shares of company stock worth $150,006 over the last three months. 7.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP purchased a new stake in Nano-X Imaging during the 2nd quarter valued at approximately $42,000. Squarepoint Ops LLC acquired a new stake in Nano-X Imaging during the 2nd quarter worth approximately $66,000. PCM Encore LLC acquired a new stake in Nano-X Imaging during the 2nd quarter worth approximately $53,000. Bank of America Corp DE lifted its position in 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 worth $1,099,000 after acquiring an additional 424,618 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Nano-X Imaging by 27.8% in the 1st quarter. Royal Bank of Canada now owns 194,166 shares of the company’s stock valued at $440,000 after purchasing an additional 42,273 shares during the last quarter. Institutional investors and hedge funds own 21.49% of the company’s stock.

About Nano-X Imaging

Nano-X Imaging Ltd. is a medical technology company developing digital X-ray and medical imaging solutions. Its primary product is the Nanox.ARC, a digitally driven X-ray system designed to provide imaging capabilities in hospitals, clinics and other healthcare settings. The company’s approach is intended to support more accessible and affordable diagnostic imaging, including in locations where conventional radiology infrastructure may be limited.

Nano-X also offers cloud-based services through its Nanox.CLOUD platform, which is designed to connect imaging devices, manage examinations and facilitate the transmission and review of medical images.