Nano-X Imaging Ltd. (NASDAQ:NNOX) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analyst sentiment is moderately positive: Six analysts give Nano-X Imaging a consensus “Moderate Buy” rating, with an average 12-month price target of $4.33, although ratings range from sell to strong buy.
• The stock faces significant financial and market challenges: NNOX opened at $0.73, near its 52-week low, and its latest quarterly loss of $0.79 per share substantially exceeded the expected loss of $0.16; revenue also missed estimates.
• Insiders have been buying shares: Company insiders purchased 175,443 shares worth about $150,006 over the past 90 days, while institutional ownership stands at 21.49%.

Shares of Nano-X Imaging Ltd. (NASDAQ:NNOX - Get Free Report) have been given a consensus rating of "Moderate Buy" by the six research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $4.3333.

• Nano-X Imaging NASDAQ: NNOX Stock: Reimagining the X-Ray

NNOX has been the topic of a number of research reports. Zacks Research raised shares of Nano-X Imaging from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Nano-X Imaging in a research note on Wednesday, July 8th. Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price target on shares of Nano-X Imaging in a research report on Monday, August 17th. Finally, Alliance Global Partners cut shares of Nano-X Imaging from a "buy" rating to a "neutral" rating and cut their price target for the stock from $5.00 to $3.00 in a research report on Tuesday, July 7th.

Insider Transactions at Nano-X Imaging

In related news, Director Dan S. Suesskind purchased 60,000 shares of Nano-X Imaging stock in a transaction that occurred on Monday, September 14th. The stock was purchased at an average cost of $0.76 per share, with a total value of $45,600.00. Following the completion of the transaction, the director owned 110,000 shares of the company's stock, valued at approximately $83,600. This trade represents a 120.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Erez Meltzer purchased 36,000 shares of Nano-X Imaging stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost of $0.93 per share, with a total value of $33,480.00. Following the completion of the transaction, the chief executive officer directly owned 36,000 shares of the company's stock, valued at approximately $33,480. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 175,443 shares of company stock worth $150,006. 7.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nano-X Imaging

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE grew its position in shares of Nano-X Imaging by 711.1% during the 1st quarter. Bank of America Corp DE now owns 484,328 shares of the company's stock worth $1,099,000 after purchasing an additional 424,618 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Nano-X Imaging in the second quarter valued at approximately $66,000. PCM Encore LLC acquired a new stake in shares of Nano-X Imaging in the second quarter valued at approximately $53,000. Sei Investments Co. bought a new stake in shares of Nano-X Imaging in the first quarter valued at approximately $98,000. Finally, Royal Bank of Canada boosted its stake in shares of Nano-X Imaging by 27.8% in the first quarter. Royal Bank of Canada now owns 194,166 shares of the company's stock valued at $440,000 after buying an additional 42,273 shares during the period. 21.49% of the stock is owned by institutional investors.

Nano-X Imaging Stock Performance

NASDAQ:NNOX opened at $0.73 on Monday. The stock has a 50-day simple moving average of $0.91 and a 200 day simple moving average of $1.60. Nano-X Imaging has a 52-week low of $0.67 and a 52-week high of $4.71. The company has a market cap of $57.69 million, a PE ratio of -0.34 and a beta of 1.26.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) last released its earnings results on Wednesday, September 9th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.63). Nano-X Imaging had a negative net margin of 926.05% and a negative return on equity of 116.93%. The firm had revenue of $4.16 million during the quarter, compared to the consensus estimate of $5.38 million. On average, research analysts predict that Nano-X Imaging will post -1.23 earnings per share for the current fiscal year.

About Nano-X Imaging

Nano-X Imaging Ltd. NASDAQ: NNOX is an Israeli medical technology company focused on expanding access to diagnostic imaging. The company develops digital X-ray systems and related software intended to provide affordable, digitally managed imaging services for hospitals, clinics, and other healthcare providers.

Its principal platform, Nanox.ARC, is a digital X-ray system designed around a proprietary cold-cathode X-ray source and a multi-source imaging architecture. The company also offers Nanox.CLOUD, a cloud-based platform intended to connect imaging devices with radiologists and healthcare networks, and Nanox.AI, software designed to assist with the detection and prioritization of findings in medical images.

Nano-X markets its technologies to customers and partners in multiple international markets, with regulatory clearances and commercial availability varying by product and jurisdiction.

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