Nano-X Imaging (NASDAQ:NNOX) Trading 8% Higher – Here’s What Happened

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s share price shot up 8% on Wednesday . The company traded as high as $9.16 and last traded at $9.05. 1,851,211 shares were traded during mid-day trading, a decline of 62% from the average session volume of 4,872,062 shares. The stock had previously closed at $8.38.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Cantor Fitzgerald boosted their target price on Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. D. Boral Capital began coverage on Nano-X Imaging in a report on Monday, January 6th. They set a “buy” rating and a $23.00 price objective for the company.

Nano-X Imaging Price Performance

The stock’s 50-day moving average price is $7.37 and its 200 day moving average price is $6.95. The firm has a market capitalization of $476.11 million, a PE ratio of -9.69 and a beta of 1.97.

Nano-X Imaging (NASDAQ:NNOX) last announced its quarterly earnings results on Thursday, November 21st. The company reported ($0.23) EPS for the quarter. Nano-X Imaging had a negative net margin of 465.38% and a negative return on equity of 27.63%. During the same period in the previous year, the business posted ($0.37) EPS. Equities research analysts forecast that Nano-X Imaging Ltd. will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC acquired a new position in shares of Nano-X Imaging in the 3rd quarter valued at $25,000. Gainplan LLC purchased a new position in Nano-X Imaging in the fourth quarter valued at $92,000. Verition Fund Management LLC acquired a new position in shares of Nano-X Imaging in the third quarter worth about $88,000. Creative Planning purchased a new stake in shares of Nano-X Imaging during the 3rd quarter worth about $107,000. Finally, The Manufacturers Life Insurance Company grew its position 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. 21.49% of the stock is owned by institutional investors and hedge funds.

About Nano-X Imaging

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.