NNOX - Why Nano-X Stock Dropped 9% Bounced Back 25% and Is Still Up 5.5% Today
Shares of Nano-X Imaging (NASDAQ: NNOX) had rocketed 250% from their IPO price through the close of trading last week. But the shares tumbled 23% yesterday after Citron Research issued a savage short report on the company, accusing the Israeli X-ray machine maker of being little more than "a stock promotion" and predicting the shares will go to $0.
Today, the selling-off started again early, as Nano-X stock fell a further 9%, then reversed course, recovered all their losses, jumped 16% higher, and then finally gave back some of their gains. As of 11:45 a.m. EDT, these yo-yoing stock movements have left Nano-X shares trading 5.5% above yesterday's close.
Why?