Nano-X Imaging (NASDAQ:NNOX) Announces Earnings Results

Nano-X Imaging (NASDAQ:NNOX) announced its quarterly earnings data on Wednesday. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.33, FiscalAI reports. Nano-X Imaging had a negative net margin of 716.44% and a negative return on equity of 70.96%. The company had revenue of $4.16 million for the quarter, compared to analysts’ expectations of $5.38 million.

Nano-X Imaging Price Performance

NASDAQ NNOX opened at $0.93 on Wednesday. Nano-X Imaging has a fifty-two week low of $0.71 and a fifty-two week high of $4.71. The stock’s 50-day moving average is $1.00 and its two-hundred day moving average is $1.69. The firm has a market cap of $73.09 million, a P/E ratio of -0.59 and a beta of 1.26.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NNOX shares. Zacks Research raised shares of Nano-X Imaging from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Alliance Global Partners downgraded Nano-X Imaging from a “buy” rating to a “neutral” rating and lowered their target price for the company from $5.00 to $3.00 in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nano-X Imaging in a research note on Wednesday, July 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Nano-X Imaging in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.33.

Insider Activity

In related news, Director Dan S. Suesskind purchased 50,000 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was bought at an average price of $0.93 per share, for a total transaction of $46,500.00. Following the purchase, the director owned 50,000 shares in the company, valued at $46,500. The trade was a ? increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Erez Meltzer acquired 36,000 shares of the stock in a transaction dated 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 acquisition, the chief executive officer owned 36,000 shares in the company, valued at $33,480. The trade was a ? increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 95,443 shares of company stock valued at $89,706. 7.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nano-X Imaging

A number of institutional investors have recently added to or reduced their stakes in NNOX. Aristides Capital LLC bought a new stake in shares of Nano-X Imaging during the fourth quarter worth $30,000. CIBC Bancorp USA Inc. bought a new stake in shares of Nano-X Imaging during the third quarter worth approximately $40,000. Russell Investments Group Ltd. raised its position in shares of Nano-X Imaging by 62.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 13,787 shares of the company’s stock valued at $51,000 after acquiring an additional 5,283 shares during the last quarter. PharVision Advisers LLC acquired a new position in shares of Nano-X Imaging in the 3rd quarter valued at $56,000. Finally, Mariner LLC grew its stake in shares of Nano-X Imaging by 70.5% during the fourth quarter. Mariner LLC now owns 20,825 shares of the company’s stock worth $58,000 after purchasing an additional 8,614 shares during the period. 21.49% of the stock is 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.