NNOX - Here's Why Nano-X Stock More Than Doubled Last Month
2024-03-06 14:13:43 ET
Shares of medical imaging start-up company Nano-X Imaging (NASDAQ: NNOX) were up 105.1% in February, according to data provided by S&P Global Market Intelligence . A regulatory filing revealed that market darling Nvidia had a stake in Nano-X (also called Nanox). And investors took Nvidia's stake as a vote of confidence for the stock.
Unfortunately, I believe the market drew the wrong conclusion with Nvidia's investment stake in Nanox stock -- I say that as a shareholder myself.
In 2017, Nvidia invested in Zebra Medical with its venture fund. But in 2021, Zebra Medical was acquired by Nanox in a stock deal worth almost $200 million at the time. Therefore, Nvidia does own nearly 60,000 shares of Nanox like its regulatory filing says. But it acquired these shares indirectly from an investment in 2017.
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Here's Why Nano-X Stock More Than Doubled Last Month