Nano-X Imaging (NASDAQ:NNOX) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded Nano‑X Imaging (NNOX) from "hold" to "strong sell", and the stock opened down about 14% at $1.72, near its 12‑month low.
• Nano‑X missed Q1 expectations with EPS of ($0.50) versus consensus ($0.15), slightly light revenue, deeply negative margins and ROE, and analysts forecast roughly ($0.65) EPS for the year.
• Analyst opinions remain mixed—three "strong buy", one "buy" and two "sell" ratings lead to a MarketBeat consensus of "Moderate Buy" and a $5 target despite recent negative headlines.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on NNOX. Cantor Fitzgerald raised shares of Nano-X Imaging to a "strong-buy" rating in a report on Wednesday, March 4th. D. Boral Capital restated a "buy" rating and issued a $5.00 price target on shares of Nano-X Imaging in a report on Monday. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Nano-X Imaging in a research note on Friday, April 10th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Nano-X Imaging has an average rating of "Moderate Buy" and a consensus target price of $5.00.

Nano-X Imaging Trading Down 14.0%

NASDAQ:NNOX opened at $1.72 on Wednesday. The firm has a market cap of $112.45 million, a P/E ratio of -1.08 and a beta of 1.39. The stock's 50 day simple moving average is $2.41 and its 200-day simple moving average is $3.02. Nano-X Imaging has a 12-month low of $1.70 and a 12-month high of $5.86.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.35). The firm had revenue of $3.72 million for the quarter, compared to analyst estimates of $3.99 million. Nano-X Imaging had a negative return on equity of 48.75% and a negative net margin of 680.11%.During the same quarter last year, the firm earned ($0.21) earnings per share. Research analysts forecast that Nano-X Imaging will post -0.65 EPS for the current fiscal year.

Institutional Trading of Nano-X Imaging

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNOX. Aristides Capital LLC purchased a new position in Nano-X Imaging in the 4th quarter valued at about $30,000. Virtu Financial LLC boosted its stake in shares of Nano-X Imaging by 26.4% during the 4th quarter. Virtu Financial LLC now owns 72,535 shares of the company's stock worth $203,000 after purchasing an additional 15,169 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Nano-X Imaging during the 4th quarter worth about $91,000. Engineers Gate Manager LP grew its holdings in shares of Nano-X Imaging by 272.2% during the fourth quarter. Engineers Gate Manager LP now owns 52,844 shares of the company's stock worth $148,000 after buying an additional 38,648 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Nano-X Imaging in the fourth quarter valued at approximately $8,424,000. Hedge funds and other institutional investors own 21.49% of the company's stock.

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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