Nano-X Imaging (NASDAQ:NNOX) Trading Down 7% – Should You Sell?

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s share price fell 7% during mid-day trading on Wednesday . The company traded as low as $8.60 and last traded at $8.76. 1,332,744 shares were traded during mid-day trading, a decline of 82% from the average session volume of 7,228,701 shares. The stock had previously closed at $9.42.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NNOX. D. Boral Capital assumed coverage on shares of Nano-X Imaging in a research note on Monday. They set a “buy” rating and a $23.00 target price on the stock. Cantor Fitzgerald upped their price objective on Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, December 6th.

Nano-X Imaging Price Performance

The company has a market cap of $466.28 million, a price-to-earnings ratio of -9.49 and a beta of 1.97. The business’s fifty day moving average price is $6.96 and its 200 day moving average price is $6.85.

Hedge Funds Weigh In On Nano-X Imaging

A number of hedge funds have recently made changes to their positions in NNOX. Bank of New York Mellon Corp lifted its position 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 raised its stake in Nano-X Imaging by 3.9% during the second quarter. Rhumbline Advisers now owns 75,920 shares of the company’s stock worth $557,000 after buying an additional 2,818 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Nano-X Imaging by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 20,210 shares of the company’s stock valued at $148,000 after buying an additional 2,600 shares during the period. SG Americas Securities LLC acquired a new stake in Nano-X Imaging during the third quarter worth approximately $124,000. Finally, Creative Planning acquired a new stake in shares of Nano-X Imaging during the 3rd quarter worth approximately $107,000. 21.49% of the stock is currently owned by institutional investors.

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.