Nano-X Imaging (NASDAQ:NNOX) Stock Price Up 8% - What's Next?

Nano-X Imaging Ltd. (NASDAQ:NNOX) saw its shares rise 8% in trading on Wednesday, reaching a peak of $9.16 before settling at $9.05. A total of 1,851,211 shares changed hands, marking a significant drop of 62% compared to the average trading volume of 4,872,062 shares. Previously, the stock had closed at $8.38.

New Price Targets Set by Analysts

Research reports from various analysts have recently focused on Nano-X Imaging. D. Boral Capital began their coverage of the company on January 6, issuing a "buy" rating along with a price target of $23.00. Meanwhile, Cantor Fitzgerald raised their target from $11.00 to $12.00, recommending an "overweight" rating for the stock in a report released on December 6.

Nano-X Imaging Stock Performance Overview

This company has a market capitalization of $476.11 million, a price-to-earnings ratio of -9.69, and a beta of 1.97. Its 50-day moving average price stands at $7.37, while the two-hundred day moving average price is at $6.95.

Nano-X Imaging last reported its quarterly earnings on November 21, revealing an EPS of ($0.23) for the quarter. The company experienced a negative net margin of 465.38% and a negative return on equity of 27.63%. Comparatively, the previous year's EPS for the same quarter was ($0.37). Analysts anticipate that Nano-X Imaging Ltd. will report an EPS of -0.92 by the end of the current fiscal year.

Institutional Trading Activity

Several institutional investors and hedge funds have recently engaged in trading Nano-X Imaging shares. Farther Finance Advisors LLC initiated a new position during the third quarter, investing approximately $25,000. Verition Fund Management LLC also acquired shares during the same period, amounting to about $88,000. Gainplan LLC purchased a new stake worth approximately $92,000 in the fourth quarter. Creative Planning and Intech Investment Management LLC made new investments of around $107,000 and $124,000 respectively during the third quarter. Currently, 21.49% of the stock is owned by institutional and hedge fund investors.

Overview of Nano-X Imaging

Nano-X Imaging Ltd. focuses on developing a commercial-grade tomographic imaging device that utilizes a digital X-ray source. The company not only offers teleradiology services but also works on developing artificial intelligence applications that can be integrated into practical medical imaging solutions. Their X-ray technology is based on a digital micro-electro-mechanical systems (MEMS) semiconductor cathode.

Consider Before Investing

Before you decide to invest in Nano-X Imaging, it's wise to do thorough research. Although the stock currently has a "buy" rating, industry experts suggest that other stocks might present better investment opportunities. Always consider the insights from top analysts when making investment choices.

Nano-X, Stock, Investment