Nano-X Imaging (NASDAQ:NNOX) Releases Quarterly Earnings Results, Beats Expectations By $0.33 EPS

Key Points

• Nano-X Imaging reported quarterly EPS of $0.17, beating the analyst consensus loss of $0.16 by $0.33. However, revenue of $4.16 million fell short of estimates of $5.38 million, while the company continued to report deeply negative margins.
• Shares rose 12.1% following the results, opening at $0.93. The stock remains near its 12-month low of $0.71 and well below its 12-month high of $4.71.
• Company insiders purchased 95,443 shares worth approximately $89,706 during the quarter, while institutional ownership stands at 21.49%. Analysts’ average rating is “Moderate Buy,” with an average price target of $4.33, although ratings range from Strong Buy to Sell.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.33, FiscalAI reports. Nano-X Imaging had a negative return on equity of 70.96% and a negative net margin of 716.44%.The firm had revenue of $4.16 million during the quarter, compared to analyst estimates of $5.38 million.

Nano-X Imaging Stock Up 12.1%

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

Nano-X Imaging stock opened at $0.93 on Wednesday. The business has a fifty day moving average of $1.00 and a two-hundred day moving average of $1.69. The firm has a market cap of $73.09 million, a P/E ratio of -0.59 and a beta of 1.26. Nano-X Imaging has a twelve month low of $0.71 and a twelve month high of $4.71.

Insiders Place Their Bets

In related news, CEO Erez Meltzer acquired 36,000 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was purchased at an average cost of $0.93 per share, for a total transaction of $33,480.00. Following the purchase, the chief executive officer directly owned 36,000 shares of the company's stock, valued at $33,480. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dan S. Suesskind acquired 50,000 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost of $0.93 per share, for a total transaction of $46,500.00. Following the transaction, the director owned 50,000 shares of the company's stock, valued at $46,500. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 95,443 shares of company stock worth $89,706 over the last quarter. Company insiders own 7.74% of the company's stock.

Hedge Funds Weigh In On Nano-X Imaging

A number of large investors have recently added to or reduced their stakes in NNOX. AQR Capital Management LLC bought a new stake in shares of Nano-X Imaging in the 1st quarter valued at about $178,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Nano-X Imaging by 232.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,160,806 shares of the company's stock worth $10,793,000 after acquiring an additional 1,510,806 shares in the last quarter. Geode Capital Management LLC lifted its position in Nano-X Imaging by 17.5% during the second quarter. Geode Capital Management LLC now owns 810,322 shares of the company's stock valued at $4,189,000 after acquiring an additional 120,460 shares during the last quarter. Cetera Investment Advisers lifted its position in Nano-X Imaging by 82.0% during the second quarter. Cetera Investment Advisers now owns 48,056 shares of the company's stock valued at $248,000 after acquiring an additional 21,657 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Nano-X Imaging by 61.5% in the second quarter. JPMorgan Chase & Co. now owns 65,783 shares of the company's stock valued at $340,000 after acquiring an additional 25,048 shares in the last quarter. 21.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NNOX has been the subject of several research analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Nano-X Imaging in a research report on Wednesday, July 8th. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price target on shares of Nano-X Imaging in a report on Monday, August 17th. Alliance Global Partners downgraded shares of Nano-X Imaging from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $5.00 to $3.00 in a research note on Tuesday, July 7th. Finally, Zacks Research upgraded shares of Nano-X Imaging from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Nano-X Imaging currently has an average rating of "Moderate Buy" and an average target price of $4.33.

About Nano-X Imaging

Nano-X Imaging Ltd. is a medical technology company developing and commercializing a digital X-ray imaging platform designed to lower the cost and increase the accessibility of diagnostic imaging. Its flagship product, the Nanox.ARC, leverages a proprietary micro-electromechanical system (MEMS) based digital X-ray source and advanced image processing software to provide 2D and 3D imaging capabilities on a compact footprint. The system aims to streamline radiology workflows and facilitate point-of-care diagnostics in hospitals, clinics and outpatient settings.

The Nanox.ARC platform integrates a novel cold cathode X-ray source, which enables multiple emission points without the need for rotating anode tubes.

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