Nano-X Imaging (NASDAQ:NNOX) Shares Up 8% – Time to Buy?

Nano-X Imaging Ltd. (NASDAQ:NNOX)’s stock price shot up 8% during mid-day trading on Wednesday . The company traded as high as $9.16 and last traded at $9.05. 1,851,211 shares changed hands during trading, a decline of 62% from the average session volume of 4,872,062 shares. The stock had previously closed at $8.38.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. D. Boral Capital began coverage on shares of Nano-X Imaging in a research report on Monday, January 6th. They set a “buy” rating and a $23.00 target price on the stock. Cantor Fitzgerald upped their target price on shares of Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, December 6th.

Nano-X Imaging Trading Up 7.3 %

The company has a market capitalization of $519.32 million, a PE ratio of -10.57 and a beta of 1.97. The firm has a 50 day simple moving average of $7.26 and a two-hundred day simple moving average of $6.92.

Nano-X Imaging (NASDAQ:NNOX) last announced its quarterly earnings data on Thursday, November 21st. The company reported ($0.23) earnings per share (EPS) for the quarter. Nano-X Imaging had a negative net margin of 465.38% and a negative return on equity of 27.63%. During the same quarter last year, the firm earned ($0.37) earnings per share. Research analysts expect that Nano-X Imaging Ltd. will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nano-X Imaging

Several institutional investors and hedge funds have recently added to or reduced their stakes in NNOX. Farther Finance Advisors LLC purchased a new stake in shares of Nano-X Imaging during the 3rd quarter worth $25,000. Verition Fund Management LLC acquired a new stake in shares of Nano-X Imaging in the 3rd quarter worth approximately $88,000. Gainplan LLC purchased a new position in Nano-X Imaging in the 4th quarter valued at approximately $92,000. Creative Planning acquired a new position in Nano-X Imaging during the third quarter worth $107,000. Finally, Intech Investment Management LLC purchased a new stake in Nano-X Imaging during the third quarter worth $124,000. Institutional investors and hedge funds 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.