Before Buying Nano X Imaging Ltd (NASDAQ: NNOX) Stock, Read This First

Nano X Imaging Ltd (NASDAQ:NNOX) shares, rose in value, with the stock price up by 9.48% to the previous day’s close as strong demand from buyers drove the stock to $10.86.

Actively observing the price movement in the last trading, the stock closed the session at $9.92. 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 -0.37% over the past month.

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With the market capitalization of Nano X Imaging Ltd currently standing at about $622.17 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 -$0.26, which is expected to increase to -$0.24 for fiscal year -$0.94 and then to about -$0.38 by fiscal year 2025. Data indicates that the EPS growth is expected to be 13.00% in 2025, while the next year’s EPS growth is forecast to be 59.60%.

Analysts have estimated the company’s revenue for the quarter at $4.28 million, with a low estimate of $3 million and a high estimate of $5.54 million. According to the average forecast, sales growth in current quarter could jump up 74.90%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $25.04 million, representing an increase of 152.80% 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 1 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 100% Buy on average. However, medium term indicators have put the stock in the category of 100% 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 7.34% and 25.82% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 57.01, while the 7-day volatility ratio is showing 8.86% which for the 30-day chart, stands at 10.18%. Furthermore, Nano X Imaging Ltd (NNOX)’s beta value is 2.13, and its average true range (ATR) is 1.08.

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 9.48% in last session, and over the past year, it grew by 88.21%%.

Data on historical trading for Nano X Imaging Ltd (NASDAQ:NNOX) indicates that the trading volumes over the past 10 days have averaged 2.77 million and over the past 3 months, they’ve averaged 3.88 million. According to company’s latest data on outstanding shares, there are 57.78 million shares outstanding.

Nearly 10.97% of Nano X Imaging Ltd’s shares belong to company insiders and institutional investors own 21.43% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.85 million shares as on Mar 15, 2024, resulting in a short ratio of 1.01. According to the data, the short interest in Nano X Imaging Ltd (NNOX) stood at 15.32% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 7.73 million. The stock has risen by 70.49% 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.