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

Zacks Research lowered shares of Nano-X Imaging (NASDAQ:NNOX) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. D. Boral Capital reaffirmed a “buy” rating and issued a $5.00 target price on shares of Nano-X Imaging in a report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nano-X Imaging in a research note on Friday, April 10th. Finally, Cantor Fitzgerald upgraded Nano-X Imaging to a “strong-buy” rating in a research note on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Nano-X Imaging Stock Performance

Shares of Nano-X Imaging stock opened at $1.72 on Wednesday. Nano-X Imaging has a one year low of $1.70 and a one year high of $5.86. The stock’s fifty day moving average is $2.41 and its 200 day moving average is $3.02. The stock has a market cap of $112.45 million, a P/E ratio of -1.08 and a beta of 1.39.

Nano-X Imaging (NASDAQ:NNOX) last announced its earnings results on Monday, April 20th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.35). Nano-X Imaging had a negative return on equity of 48.75% and a negative net margin of 680.11%.The company had revenue of $3.72 million during the quarter, compared to the consensus estimate of $3.99 million. During the same period in the prior year, the business posted ($0.21) earnings per share. Analysts predict that Nano-X Imaging will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NNOX. Weiss Asset Management LP purchased a new position in shares of Nano-X Imaging during the fourth quarter valued at about $8,424,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Nano-X Imaging by 232.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,160,806 shares of the company’s stock valued at $10,793,000 after purchasing an additional 1,510,806 shares in the last quarter. UBS Group AG grew its position in shares of Nano-X Imaging by 40.8% during the fourth quarter. UBS Group AG now owns 1,530,104 shares of the company’s stock valued at $4,284,000 after purchasing an additional 443,459 shares in the last quarter. Jane Street Group LLC grew its position in shares of Nano-X Imaging by 4,646.0% during the fourth quarter. Jane Street Group LLC now owns 206,073 shares of the company’s stock valued at $577,000 after purchasing an additional 201,731 shares in the last quarter. Finally, ARK Investment Management LLC grew its position in shares of Nano-X Imaging by 31.9% during the fourth quarter. ARK Investment Management LLC now owns 507,421 shares of the company’s stock valued at $1,421,000 after purchasing an additional 122,633 shares in the last quarter. Hedge funds and other institutional investors own 21.49% of the company’s stock.

Nano-X Imaging Company Profile

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.