Nano-X Imaging (NASDAQ:NNOX) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Key Points

• Nano-X Imaging reported a quarterly loss of ($0.23) earnings per share, missing the consensus estimate of ($0.15) by ($0.08).
• The company's stock traded down to $4.46, with shares exchanging hands totaling over 2.2 million compared to its average volume.
• Several analysts have set new price targets, with D. Boral Capital reiterating a "buy" rating and a price target of $10.00 for Nano-X Imaging.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) released its earnings results on Tuesday. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.08), Zacks reports. Nano-X Imaging had a negative return on equity of 32.09% and a negative net margin of 468.29%. The business had revenue of $3.04 million for the quarter, compared to analyst estimates of $3.20 million.

Nano-X Imaging Trading Down 1.8%

Shares of NASDAQ:NNOX traded down $0.08 during trading on Friday, hitting $4.42. 1,004,630 shares of the stock were exchanged, compared to its average volume of 1,319,209. The company has a fifty day moving average price of $5.05 and a two-hundred day moving average price of $5.40. The company has a market cap of $255.39 million, a PE ratio of -4.91 and a beta of 1.95. Nano-X Imaging has a 12-month low of $3.75 and a 12-month high of $11.00.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NNOX shares. Alliance Global Partners upgraded Nano-X Imaging to a "strong-buy" rating in a research report on Monday, August 11th. LADENBURG THALM/SH SH raised Nano-X Imaging to a "strong-buy" rating in a research note on Monday, July 14th. Finally, D. Boral Capital decreased their price target on Nano-X Imaging from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday.

Institutional Investors Weigh In On Nano-X Imaging

Several institutional investors have recently modified their holdings of NNOX. BNP Paribas Financial Markets boosted its stake in shares of Nano-X Imaging by 193.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,994 shares of the company's stock worth $62,000 after acquiring an additional 7,910 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Nano-X Imaging by 529.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,794 shares of the company's stock valued at $71,000 after buying an additional 11,604 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Nano-X Imaging by 20.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,433 shares of the company's stock valued at $116,000 after buying an additional 3,818 shares in the last quarter. Engineers Gate Manager LP lifted its stake in Nano-X Imaging by 56.6% in the 2nd quarter. Engineers Gate Manager LP now owns 26,248 shares of the company's stock valued at $136,000 after buying an additional 9,486 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in Nano-X Imaging in the 1st quarter valued at approximately $178,000. Hedge funds and other institutional investors own 21.49% of the company's stock.

About Nano-X Imaging

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.