Nano-X Imaging Ltd. (NNOX) shares are trading at lower $49.21.
To add more color to this target, the company’s high over the last year is $66.67 and the low is $20.25 while the S&P 500 is up 12.41%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. NNOX has a short ratio of 0.15 and outstanding shares of 34.72M.
NNOX has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.68 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.78. Investors should also keep an eye on sector updates as NNOX has historically followed its peers on positive news.
All told, Nano-X Imaging Ltd. NNOX has strung together solid data and demonstrated underlying fundamentals. At its current valuation, NNOX represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
Nano-X Imaging Ltd. NNOX is now commanding a market cap of 1.71B and a float of 33.29M. NNOX is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of NNOX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in NNOX, either long or short, and we have not been compensated for this article.