Nano-X Imaging (NASDAQ:NNOX) Trading Down 7% – Here’s Why

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s stock price traded down 7% on Wednesday . The stock traded as low as $8.60 and last traded at $8.76. 1,332,744 shares changed hands 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 analysts have issued reports on the company. D. Boral Capital assumed coverage on Nano-X Imaging in a research note on Monday. They issued a “buy” rating and a $23.00 target price for the company. Cantor Fitzgerald increased their price objective on shares of Nano-X Imaging from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th.

Nano-X Imaging Price Performance

The stock has a market capitalization of $466.28 million, a price-to-earnings ratio of -9.49 and a beta of 1.97. The company’s 50-day simple moving average is $6.96 and its 200-day simple moving average is $6.85.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in shares of 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. Rhumbline Advisers increased its position in shares of Nano-X Imaging by 3.9% in the second quarter. Rhumbline Advisers now owns 75,920 shares of the company’s stock worth $557,000 after purchasing an additional 2,818 shares during the period. Tidal Investments LLC raised its stake in Nano-X Imaging by 4.6% in the third quarter. Tidal Investments LLC now owns 64,387 shares of the company’s stock valued at $391,000 after purchasing an additional 2,846 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in Nano-X Imaging during the third quarter worth about $25,000. Finally, Tempus Wealth Planning LLC grew its stake in Nano-X Imaging by 3.6% during the third quarter. Tempus Wealth Planning LLC now owns 121,137 shares of the company’s stock worth $737,000 after buying an additional 4,230 shares in the last quarter. 21.49% of the stock is currently owned by institutional investors and hedge funds.

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.