Nano-X Imaging (NASDAQ:NNOX) Trading 17.5% Higher – Time to Buy?

Nano-X Imaging Ltd. (NASDAQ:NNOX) rose 17.5% during mid-day trading on Wednesday . The company traded as high as $8.83 and last traded at $8.79. Approximately 1,457,927 shares changed hands during trading, a decline of 73% from the average daily volume of 5,383,432 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. D. Boral Capital initiated coverage on Nano-X Imaging in a research note on Monday, January 6th. They issued a “buy” rating and a $23.00 price target on the stock. Cantor Fitzgerald raised their price target on shares of Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, December 6th.

Nano-X Imaging Stock Up 11.4 %

The company has a market cap of $481.30 million, a PE ratio of -9.80 and a beta of 1.97. The company’s fifty day moving average is $7.07 and its 200-day moving average is $6.87.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NNOX. Bank of New York Mellon Corp lifted its stake in shares of Nano-X Imaging by 7.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 185,167 shares of the company’s stock worth $1,359,000 after purchasing an additional 13,085 shares during the period. Rhumbline Advisers lifted its position in shares of Nano-X Imaging by 3.9% during the 2nd quarter. Rhumbline Advisers now owns 75,920 shares of the company’s stock valued at $557,000 after buying an additional 2,818 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Nano-X Imaging by 14.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,210 shares of the company’s stock valued at $148,000 after acquiring an additional 2,600 shares during the period. SG Americas Securities LLC purchased a new stake in Nano-X Imaging in the 3rd quarter worth approximately $124,000. Finally, Creative Planning purchased a new position in shares of Nano-X Imaging during the 3rd quarter valued at $107,000. Institutional investors own 21.49% of the company’s stock.

Nano-X Imaging Company Profile

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.