Nano-X Imaging (NASDAQ:NNOX) Shares Down 7% – Time to Sell?

Nano-X Imaging Ltd. (NASDAQ:NNOX) shares were down 7% on Wednesday . The company traded as low as $8.60 and last traded at $8.76. 1,332,744 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 7,228,701 shares. The stock had previously closed at $9.42.

Analyst Ratings Changes

A number of research firms have commented on NNOX. D. Boral Capital began coverage on shares of Nano-X Imaging in a research note on Monday. They issued a “buy” rating and a $23.00 price target for the company. Cantor Fitzgerald increased their target price on Nano-X Imaging from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, December 6th.

Nano-X Imaging Stock Performance

The company has a market cap of $507.88 million, a P/E ratio of -10.34 and a beta of 1.97. The stock has a 50-day moving average of $6.84 and a two-hundred day moving average of $6.83.

Institutional Investors Weigh In On Nano-X Imaging

A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in Nano-X Imaging by 7.6% during the second quarter. Bank of New York Mellon Corp now owns 185,167 shares of the company’s stock valued at $1,359,000 after buying an additional 13,085 shares during the period. Van ECK Associates Corp grew its position in Nano-X Imaging by 14.1% during the 2nd quarter. Van ECK Associates Corp now owns 22,293 shares of the company’s stock worth $164,000 after acquiring an additional 2,755 shares during the last quarter. Rhumbline Advisers increased its stake in Nano-X Imaging by 3.9% in the 2nd quarter. Rhumbline Advisers now owns 75,920 shares of the company’s stock worth $557,000 after purchasing an additional 2,818 shares during the period. The Manufacturers Life Insurance Company lifted its position in Nano-X Imaging by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 20,210 shares of the company’s stock valued at $148,000 after purchasing an additional 2,600 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Nano-X Imaging during the third quarter valued at approximately $124,000. Hedge funds and other institutional investors own 21.49% of the company’s stock.

Nano-X Imaging Company Profile

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.