Nano-X Imaging (NASDAQ:NNOX) Trading 0.8% Higher – Still a Buy?

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s stock price rose 0.8% during trading on Wednesday . The stock traded as high as $2.48 and last traded at $2.45. Approximately 704,478 shares were traded during trading, a decline of 44% from the average daily volume of 1,261,493 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NNOX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Nano-X Imaging in a report on Monday, December 29th. D. Boral Capital cut their price target on Nano-X Imaging from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, February 4th. Finally, LADENBURG THALM/SH SH upgraded Nano-X Imaging to a “strong-buy” rating in a research report on Thursday, November 20th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Nano-X Imaging has an average rating of “Buy” and a consensus target price of $7.00.

Nano-X Imaging Stock Up 0.8%

The stock has a market capitalization of $160.18 million, a P/E ratio of -1.86 and a beta of 1.31. The company has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $3.46.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors and hedge funds have recently modified their holdings of NNOX. AQR Capital Management LLC acquired a new stake in Nano-X Imaging during the 1st quarter worth approximately $178,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Nano-X Imaging by 232.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,160,806 shares of the company’s stock worth $10,793,000 after acquiring an additional 1,510,806 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Nano-X Imaging during the second quarter worth $57,000. Geode Capital Management LLC raised its holdings in shares of Nano-X Imaging by 17.5% during the second quarter. Geode Capital Management LLC now owns 810,322 shares of the company’s stock worth $4,189,000 after acquiring an additional 120,460 shares during the period. Finally, Creative Planning lifted its position in Nano-X Imaging by 26.1% in the 2nd quarter. Creative Planning now owns 106,309 shares of the company’s stock valued at $550,000 after acquiring an additional 21,994 shares in the last quarter. 21.49% of the stock is currently owned by institutional investors and hedge funds.

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.