SSgA Funds Management, Inc. recently announced the acquisition of new stake in Nano-X Imaging Ltd. (NASDAQ:NNOX). The institutional investor has increased its shareholding in the Healthcare company by 7.24% to 0.96 million shares with purchase of 64571.0 shares. This fresh investment now brings its stake to 1.83% valued currently at $5.84 million. In addition, Geode Capital Management LLC raised its holdings by 19466.0 to 0.47 million shares. And ARK Investment Management LLC has lifted its position by 35.40% or 66806.0 shares – to 0.26 million shares.
With over 2.18 million Nano-X Imaging Ltd. (NNOX) shares trading Tuesday and a closing price of $18.39 on the day, the dollar volume was approximately $40.17 million. The shares have shown a positive half year performance of 62.74% and its price on 05/23/23 lost nearly -6.70%. Currently, there are 52.40M common shares owned by the public and among those 44.29M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for NNOX have a consensus price objective of $32.00. The analysts have set the share’s price value over the next 12 months at a high of $34.00 and a low of $30.00. The average price target is 34.9% above its recent price level and an upside to the estimated low will see the stock gain 38.7% over that period. But an upside of 45.91% will see the stock hit the forecast high price target while median target price for the stock is $32.00.
The top 3 mutual fund holders in Nano-X Imaging Ltd. are iShares Russell 2000 ETF, CS Invt. Fds. 2 -, and iShares Russell 2000 Value ETF. iShares Russell 2000 ETF owns 0.96 million shares of the company’s stock, all valued at over $5.89 million. The company sold 14080.0 shares recently to bring their total holdings to about 1.84% of the shares outstanding. iShares Russell 2000 Value ETF sold 786.0 shares to bring its total holdings to over 0.42 million shares at a value of $2.59 million. iShares Russell 2000 Value ETF now owns shares totaling to 0.81% of the shares outstanding.
Shares of Nano-X Imaging Ltd. (NASDAQ: NNOX) opened at $19.61, down -$0.1 from a prior closing price of $19.71. However, the script later moved the day high at 19.67, down -6.70%. The company’s stock has a 5-day price change of 5.03% and 143.90% over the past three months. NNOX shares are trading 149.19% year to date (YTD), with the 12-month market performance up to 79.94% higher. It has a 12-month low price of $5.31 and touched a high of $21.50 over the same period. NNOX has an average intraday trading volume of 2.11 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 30.19%, 96.64%, and 77.98% respectively.
Institutional ownership of Nano-X Imaging Ltd. (NASDAQ: NNOX) shares accounts for 17.70% of the company’s 52.40M shares outstanding. Mutual fund holders own 8.71%, while other institutional holders and individual stakeholders account for 9.19% and — respectively.
It has a market capitalization of $991.59M. The earnings-per-share (ttm) stands at -$2.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.45% over the week and 15.83% over the month.
Analysts forecast that Nano-X Imaging Ltd. (NNOX) will achieve an EPS of -$0.32 for the current quarter, -$0.31 for the next quarter and -$0.87 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.34 while analysts give the company a high EPS estimate of -$0.3. Comparatively, EPS for the current quarter was -$0.38 a year ago. Earnings per share for the fiscal year are expected to decrease by -69.10%, and 31.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Nano-X Imaging Ltd. (NNOX) as a “Strong Buy” at a consensus score of 1.50. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
