Alliance Global Partners Upgrades Nano-X Imaging (NASDAQ:NNOX) to "Strong-Buy"

Key Points

• Nano-X Imaging (NASDAQ:NNOX) has been upgraded to a "strong-buy" rating by Alliance Global Partners, indicating increased confidence in the stock's potential by analysts.
• The company reported a $0.23 loss per share for the last quarter, falling short of analysts' expectations, and generated $3.04 million in revenue against estimates of $3.20 million.
• Despite recent upgrades, the stock has seen a decline, currently trading at $4.45, which is down 5.5% on the day.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) was upgraded by investment analysts at Alliance Global Partners to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

NNOX has been the subject of a number of other research reports. D. Boral Capital reissued a "buy" rating and issued a $10.00 target price on shares of Nano-X Imaging in a report on Friday, June 6th. LADENBURG THALM/SH SH raised shares of Nano-X Imaging to a "strong-buy" rating in a research report on Monday, July 14th.

Nano-X Imaging Stock Performance

Shares of NNOX stock traded down $0.08 during midday trading on Monday, hitting $4.42. 1,004,630 shares of the company were exchanged, compared to its average volume of 1,350,264. The firm has a market capitalization of $255.39 million, a P/E ratio of -4.91 and a beta of 1.95. Nano-X Imaging has a 52 week low of $3.75 and a 52 week high of $11.00. The firm's 50 day moving average price is $5.05 and its two-hundred day moving average price is $5.43.

Nano-X Imaging (NASDAQ:NNOX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.08). The business had revenue of $3.04 million during the quarter, compared to the consensus estimate of $3.20 million. Nano-X Imaging had a negative net margin of 468.29% and a negative return on equity of 32.09%. Analysts expect that Nano-X Imaging will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. OneDigital Investment Advisors LLC grew its holdings in Nano-X Imaging by 16.5% during the first quarter. OneDigital Investment Advisors LLC now owns 32,271 shares of the company's stock worth $161,000 after buying an additional 4,570 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Nano-X Imaging during the fourth quarter worth about $251,000. Rhumbline Advisers increased 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 during the last quarter. Stifel Financial Corp increased its holdings in Nano-X Imaging by 98.9% during the fourth quarter. Stifel Financial Corp now owns 23,318 shares of the company's stock worth $168,000 after buying an additional 11,596 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Nano-X Imaging by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 688,512 shares of the company's stock worth $4,957,000 after buying an additional 10,659 shares during the last quarter. 21.49% of the stock is owned by institutional investors.

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.