Nano-X Imaging (NASDAQ:NNOX) Stock Price Up 8% - What's Next?

Nano-X Imaging Ltd. (NASDAQ:NNOX) saw a significant increase in its stock price, rising by 8% during the trading session on Wednesday. The stock reached a high of $9.16 before settling at $9.05. In total, 1,851,211 shares were traded, marking a notable decline of 62% from the average trading volume of 4,872,062 shares. The stock had previously closed at $8.38.

Analysts Set New Price Targets

Recently, Nano-X Imaging has garnered attention from several analysts who have issued research reports about the stock. For example, D. Boral Capital initiated coverage on Nano-X Imaging on January 6th, giving it a "buy" rating and a price target of $23.00. Additionally, Cantor Fitzgerald raised its price target from $11.00 to $12.00 and provided an "overweight" rating in a report dated December 6th.

Nano-X Imaging Stock Performance

The market capitalization of Nano-X Imaging currently sits at $476.11 million, with a price-to-earnings ratio of -9.69 and a beta value of 1.97. The company's 50-day moving average price is $7.37, while its two-hundred-day moving average is $6.95.

On November 21st, Nano-X Imaging reported its quarterly earnings, revealing an earnings per share (EPS) of ($0.23) for the quarter. The company has reported a negative net margin of 465.38% and a negative return on equity of 27.63%. In the same quarter of the previous year, the EPS was ($0.37). Analysts predict that Nano-X Imaging will post an EPS of -0.92 for the current fiscal year.

Institutional Trading of Nano-X Imaging

Interest from institutional investors and hedge funds has been notable as they recently bought and sold shares of Nano-X Imaging. For instance, Farther Finance Advisors LLC purchased new shares during the third quarter worth approximately $25,000. Similarly, Verition Fund Management LLC acquired shares valued at around $88,000 in the same period. Other investors include Gainplan LLC with a new stake worth about $92,000 and Creative Planning, which invested roughly $107,000. In total, institutional investors and hedge funds own about 21.49% of the stock.

About Nano-X Imaging

Nano-X Imaging Ltd. specializes in developing a commercial-grade tomographic imaging device, utilizing a digital X-ray source. The company is also known for providing teleradiology services and developing artificial intelligence applications aimed at enhancing real-world medical imaging solutions. The digital X-ray source leverages advanced micro-electro-mechanical systems technology.

Should You Invest in Nano-X Imaging Right Now?

Before making any investment decisions regarding Nano-X Imaging (NNOX), it's essential to weigh the available data and analyst recommendations. While the stock holds a "Buy" rating among many analysts, there are other stocks that could potentially offer better investment opportunities. Extensive research is recommended if considering investing.

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