ARK Investment Management LLC Has $1.15 Million Stock Holdings in Nano-X Imaging Ltd. (NASDAQ:NNOX)

Key Points

• ARK Investment Management LLC has reduced its stake in Nano-X Imaging Ltd. (NASDAQ:NNOX) by 23.6%, now holding 229,777 shares valued at approximately $1.15 million after selling 70,980 shares.
• Several institutional investors have increased their positions in Nano-X Imaging, with PFG Advisors boosting holdings by 25.3%, now owning shares worth $64,000.
• Wall Street analysts have issued mixed ratings, with targets ranging from $9.00 to $10.00, indicating a cautious outlook on Nano-X Imaging's stock performance.

ARK Investment Management LLC reduced its holdings in shares of Nano-X Imaging Ltd. (NASDAQ:NNOX - Free Report) by 23.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 229,777 shares of the company's stock after selling 70,980 shares during the period. ARK Investment Management LLC owned 0.40% of Nano-X Imaging worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. PFG Advisors grew its position in Nano-X Imaging by 25.3% in the first quarter. PFG Advisors now owns 12,782 shares of the company's stock worth $64,000 after acquiring an additional 2,582 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Nano-X Imaging by 16.5% during the 1st quarter. OneDigital Investment Advisors LLC now owns 32,271 shares of the company's stock worth $161,000 after purchasing an additional 4,570 shares during the period. Wesbanco Bank Inc. grew its position in shares of Nano-X Imaging by 161.6% in the 1st quarter. Wesbanco Bank Inc. now owns 64,750 shares of the company's stock worth $323,000 after buying an additional 40,000 shares during the last quarter. Rhumbline Advisers boosted its holdings in Nano-X Imaging by 6.6% during the first quarter. Rhumbline Advisers now owns 76,728 shares of the company's stock worth $383,000 after buying an additional 4,756 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Nano-X Imaging by 1,755.9% in the first quarter. GAMMA Investing LLC now owns 7,962 shares of the company's stock valued at $40,000 after buying an additional 7,533 shares during the last quarter. Institutional investors and hedge funds own 21.49% of the company's stock.

Nano-X Imaging Trading Up 2.4%

NASDAQ:NNOX traded up $0.12 during mid-day trading on Wednesday, reaching $5.01. 464,107 shares of the stock were exchanged, compared to its average volume of 1,805,622. The business has a fifty day moving average price of $5.20 and a 200 day moving average price of $5.73. The firm has a market capitalization of $289.19 million, a PE ratio of -5.57 and a beta of 1.96. Nano-X Imaging Ltd. has a 1-year low of $3.75 and a 1-year high of $11.00.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The company reported ($0.21) earnings per share for the quarter, beating analysts' consensus estimates of ($0.23) by $0.02. The business had revenue of $3.00 million for the quarter, compared to the consensus estimate of $3.98 million. Nano-X Imaging had a negative return on equity of 30.92% and a negative net margin of 472.19%. On average, sell-side analysts forecast that Nano-X Imaging Ltd. will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NNOX. Cantor Fitzgerald reduced their price target on shares of Nano-X Imaging from $12.00 to $9.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 1st. D. Boral Capital reissued a "buy" rating and issued a $10.00 target price on shares of Nano-X Imaging in a research note on Friday, June 6th. Alliance Global Partners reissued a "buy" rating on shares of Nano-X Imaging in a research report on Thursday, May 22nd. Finally, LADENBURG THALM/SH SH upgraded Nano-X Imaging to a "strong-buy" rating in a research note on Monday, July 14th.

Nano-X Imaging 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.