Nano-X stock expected to produce positive returns in 2022

Nano-X Imaging Ltd (Nasdaq: NNOX), also known as Nanox, is a development-stage company founded in 2011 and headquartered in Neve Ilan, Israel. The company develops, produces, and commercializes digital X-ray source technology for medical imaging, with the goal of upending the medical imaging industry with an end-to-end MSaaS solution. Recently, Nano-X shares decreased to the lowest price in their 17 month history as a public stock. January movement and the company’s target price present a unique opportunity for investors.

Industry progress drives NNOX value Nano-X operates with the goal of making medical imaging simpler, less costly and more accessible, including to the 2/3rds of the world that currently do not have access to medical imaging at all. This will be done through proprietary technology and cloud services.

In April of 2021, Nanox received clearance from the Food and Drug Administration (FDA) of its single-source Nanox Cart X-Ray System. Since then, the company has continued to provide innovative technology for a variety of medical imaging applications. On January 12, 2022 the company announced a new submission to the FDA. The Q-submission was for an improved version of the Company's multi-source Nanox.ARC 3-D tomosynthesis imaging system. This new technology will bring vivid images of human anatomies to medical professionals and its clearance will have the ability to drive Nano-X profitability higher.

The current FDA submission of this latest technology follows breaking news of Nanox’s recertification by the Joint Commission in December of 2021. The company was acknowledged for its ability to rise above personnel shortages in the radiology industry and continue to provide patient care that is considered both safe and high quality. The certification from the Joint Commission is prestigious, as the Joint Commission is responsible for certifying more than 22,000 healthcare organizations.

The performance of NNOX in the stock market has been described as volatile, as stock price moves across a significant range of values. Despite progress in the teleradiology industry, NNOX stock is priced at just $11.25 at the close of January 21, 2022. The 52-week low for NNOX is $10.42 and the 52-week high is 94.81. With a consensus price target of $59.50, the stock presents the potential for a huge upside of 418.3%.

The market valuation of Nanox is $628.15 million, which confirms a strong presence in the medical imaging industry. The company has reported that they expect to release their earnings report for Q4 2021 on February 28, 2022. Analysts predict that the reports will show an estimate of $750,000 in revenue and that the annual earnings per share (EPS) will grow -115.10% for 2022 and -14.90% in 2023.

The 50-day moving average price of the stock is $17.25 and the 200-day moving average price is $24.57. With a market cap of $582.33 million and a beta of 3.07, Nano-X Imaging stock is recommended with a rating of Buy. NNOX has an average rating score of 2.67 with 2 Buy ratings, 1 hold rating, and no sell ratings.

NNOX key statistics (at 01/21/2022)

NNOX Stock Forecast: Key price is $16.05

At the close of the market on January 3, 2022 NNOX was $16.05. The stock price has fluctuated slightly since that high point for January. Overall, the value of shares has changed +/- 4.89. With a 52-week low of $10.42, all indications point to a stock that’s on the rise as it begins its swing back towards the 52-week high of $94.81.

Nano-X reported a share short in November 2021 at 5.36 million with a slight increase in December. The -19.19% downside has registered as year-to-date and will likely drive investor interest. As the stock fluctuates and increases towards January’s key price of $16.05, bulls will set their sights on December’s resistance point of $18.86 for the immediate future.

TradingView chart at 01/21/2022