Nano X Imaging Ltd (NASDAQ:NNOX) shares, rose in value, with the stock price up by 1.83% to the previous day’s close as strong demand from buyers drove the stock to $10.02.
Actively observing the price movement in the last trading, the stock closed the session at $9.84. The value of beta (5-year monthly) was 2.17. Referring to stock’s 52-week performance, its high was $22.69, and the low was $4.89. On the whole, NNOX has fluctuated by 67.84% over the past month.
With the market capitalization of Nano X Imaging Ltd currently standing at about $574.05 million, investors are eagerly awaiting this quarter’s results, scheduled for May 20, 2024 – May 24, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.3, which is expected to increase to -$0.25 for fiscal year -$1.21 and then to about -$1.02 by fiscal year 2024. Data indicates that the EPS growth is expected to be 39.80% in 2024, while the next year’s EPS growth is forecast to be 15.70%.
Analysts have estimated the company’s revenue for the quarter at $2.82 million, with a low estimate of $2.1 million and a high estimate of $3.57 million. According to the average forecast, sales growth in current quarter could jump up 32.30%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $10.32 million, representing an increase of 20.30% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NNOX’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NNOX currently trading nearly -0.71% and 33.08% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 55.37, while the 7-day volatility ratio is showing 9.64% which for the 30-day chart, stands at 14.88%. Furthermore, Nano X Imaging Ltd (NNOX)’s beta value is 2.17, and its average true range (ATR) is 1.15.
A comparison of Nano X Imaging Ltd (NNOX) with its peers suggests the former has fared considerably weaker in the market. NNOX showed an intraday change of 1.83% in last session, and over the past year, it grew by 46.49%%.
Data on historical trading for Nano X Imaging Ltd (NASDAQ:NNOX) indicates that the trading volumes over the past 10 days have averaged 2.72 million and over the past 3 months, they’ve averaged 3.42 million. According to company’s latest data on outstanding shares, there are 55.09 million shares outstanding.
Nearly 10.97% of Nano X Imaging Ltd’s shares belong to company insiders and institutional investors own 21.51% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 10.28 million shares as on Feb 29, 2024, resulting in a short ratio of 1.43. According to the data, the short interest in Nano X Imaging Ltd (NNOX) stood at 17.81% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 7.34 million. The stock has risen by 57.30% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NNOX stock heading into the next quarter.
