Nano-X Imaging (NASDAQ:NNOX) Shares Down 2.8% – Time to Sell?

Nano-X Imaging Ltd. (NASDAQ:NNOX) shares were down 2.8% on Friday . The stock traded as low as $1.6750 and last traded at $1.72. Approximately 906,491 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 2,395,997 shares. The stock had previously closed at $1.77.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NNOX shares. Cantor Fitzgerald raised Nano-X Imaging to a “strong-buy” rating in a report on Wednesday, March 4th. Zacks Research lowered Nano-X Imaging from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 22nd. D. Boral Capital reaffirmed a “buy” rating and set a $5.00 target price on shares of Nano-X Imaging in a report on Monday, April 20th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nano-X Imaging in a report on Friday, April 10th. Three investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $5.00.

Nano-X Imaging Trading Down 2.8%

The firm has a market cap of $119.69 million, a PE ratio of -1.08 and a beta of 1.19. The stock has a fifty day simple moving average of $2.23 and a two-hundred day simple moving average of $2.78.

Nano-X Imaging (NASDAQ:NNOX) last issued its quarterly earnings results on Monday, April 20th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.35). The business had revenue of $3.72 million for the quarter, compared to the consensus estimate of $3.99 million. Nano-X Imaging had a negative net margin of 790.87% and a negative return on equity of 64.65%. During the same quarter last year, the business posted ($0.21) EPS. As a group, sell-side analysts predict that Nano-X Imaging Ltd. will post -0.65 earnings per share for the current fiscal year.

Institutional Trading of Nano-X Imaging

A number of large investors have recently modified their holdings of the business. Sei Investments Co. bought a new stake in shares of Nano-X Imaging during the 1st quarter valued at about $98,000. Independent Financial Group LLC bought a new stake in shares of Nano-X Imaging during the 1st quarter valued at about $26,000. Hsbc Holdings PLC bought a new stake in shares of Nano-X Imaging during the 1st quarter valued at about $35,000. Kestra Advisory Services LLC bought a new stake in shares of Nano-X Imaging during the 1st quarter valued at about $26,000. Finally, Aristides Capital LLC bought a new stake in shares of Nano-X Imaging during the 4th quarter valued at about $30,000. Institutional investors own 21.49% of the company’s stock.

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.