Exploring Nano-X Imaging Ltd. (NNOX) Investor Profile: Who’s Buying and Why?

You're looking at Nano-X Imaging Ltd. (NNOX) and trying to figure out why the stock price is near $3.04 a share-a steep drop from its 12-month high of $11.00-yet major institutions are still holding the line. Honestly, it's a classic high-risk, high-reward bet on disruptive technology, but the financials are defintely mixed. For the second quarter of 2025, the company reported a net loss of $14.7 million against a modest revenue of only $3.0 million, which means the cash burn is real, even with $62.6 million still on the balance sheet as of June 30, 2025. Still, the smart money is present: BlackRock, Inc. remains the largest institutional holder with over 3.5 million shares, and total institutional ownership sits around 19.68% of the outstanding shares, suggesting a deep belief in the long-term value of the Nanox.ARC X system's FDA clearance. So, who is buying the dip, who is selling into the volatility, and what are they seeing in the deployment pipeline that justifies the risk?

Who Invests in Nano-X Imaging Ltd. (NNOX) and Why?

The investor base for Nano-X Imaging Ltd. (NNOX) is a classic mix of high-conviction institutional players and a large, speculative retail crowd, all betting on a disruptive technology payoff. The core motivation is a long-term growth story rooted in the company's potential to revolutionize medical imaging accessibility, not near-term profits.

As of late 2025, institutional investors hold about $\mathbf{19.68\%}$ of the shares outstanding, totaling over $\mathbf{16.0}$ million shares held by $\mathbf{201}$ institutional owners. The remaining float is largely held by individual, or retail, investors. That's a significant concentration of speculative capital, so you need to understand who the major players are and what they're thinking.

Key Investor Types: The Institutional and Retail Divide

The investor profile is split between large funds seeking high-growth exposure and individual investors drawn to the company's compelling mission. Institutional investors provide a level of validation, but the relatively low institutional ownership percentage for a NASDAQ-listed company signals its high-risk, pre-profitability stage.

The largest institutional holders, as of Q3 2025, include major index and asset managers, which often hold shares as part of their broader mandates (like Russell 2000 exposure), alongside more active funds:

• BlackRock, Inc.: Held $\mathbf{3,558,845}$ shares as of September 30, 2025.
• State Street Corp: Held $\mathbf{1,161,780}$ shares as of September 30, 2025.
• UBS Group AG: Held $\mathbf{1,086,645}$ shares, boosting its position by $\mathbf{36.9\%}$ in Q3 2025.
• ARK Investment Management LLC (Cathie Wood): Increased its position by $\mathbf{22.1\%}$ in Q3 2025, holding $\mathbf{384,788}$ shares.

Retail investors, on the other hand, are drawn to the narrative. They see the potential for a massive return if the Nanox.ARC system achieves widespread adoption, especially in underserved markets. This is a classic disruptive technology bet.

Investment Motivations: Betting on Disruption and AI

Investors are not buying Nano-X Imaging Ltd. for its current financial performance-analysts forecast a negative Earnings Per Share (EPS) of $\mathbf{-\$0.90}$ for the 2025 fiscal year. They are buying a high-growth, high-risk vision. The motivation boils down to three key areas:

• Market Disruption: The Nanox.ARC system aims to replace expensive traditional computed tomography (CT) scanners with a lower-cost, portable digital X-ray source. This is a direct play on expanding the global medical imaging market.
• Growth Prospects: The company is in a heavy investment phase, but the revenue growth forecast is compelling. Analysts project an annual revenue growth rate of $\mathbf{53.92\%}$, significantly outpacing the US Medical Devices industry average of $\mathbf{7.03\%}$.
• AI Integration: Acquisitions like Zebra Medical Vision position the company to integrate Artificial Intelligence (AI) into its imaging services, improving diagnostic accuracy and efficiency. This is a critical differentiator for investors.

The company's Q2 2025 revenue was $\mathbf{\$3.0}$ million, up from the prior year, with Q3 2025 revenue estimated at $\mathbf{\$3.505}$ million. The full-year 2025 revenue forecast is around $\mathbf{\$13.60}$ million, showing that while the numbers are small now, the trajectory is steep. If they can execute on their plan to deploy over 100 clinical, demo, and commercial units by the end of 2025, that revenue growth should continue. You can read more about the long-term vision here: Mission Statement, Vision, & Core Values of Nano-X Imaging Ltd. (NNOX).

Investment Strategies: Growth, Speculation, and Volatility

The dominant strategy for Nano-X Imaging Ltd. is clearly Long-Term Growth Investing, often categorized as high-risk venture-style public market investing. Investors are willing to tolerate current losses-and a negative net margin of $\mathbf{468.29\%}$ in Q2 2025-for the potential of massive future market share. They are betting that the 'pay-per-scan' (MSaaS) model will eventually scale and deliver significant recurring revenue.

However, the stock's volatility also attracts Short-Term Trading and Speculative Plays, particularly among hedge funds and sophisticated traders. The mixed institutional activity in Q3 2025 highlights this tension:

This kind of buying and selling activity, often seen in high-beta stocks (NNOX has a beta of $\mathbf{1.97}$), shows that a portion of the market is treating the stock as a trading vehicle, reacting quickly to news about regulatory approvals or deployment milestones. For long-term investors, this volatility is just noise; they are focused on the $\mathbf{\$8.00}$ to $\mathbf{\$9.00}$ consensus price target predicted by analysts, which implies significant upside from current levels.

Here's the quick math: with a consensus price target of $\mathbf{\$8.50}$, the market is anticipating a substantial re-rating once the commercial rollout gains traction. The risk is high, but the potential return is why the smart money is still involved. Defintely a stock for those with a strong stomach for risk.

Institutional Ownership and Major Shareholders of Nano-X Imaging Ltd. (NNOX)

If you're looking at Nano-X Imaging Ltd. (NNOX), you need to know who the big money is betting on this stock. The investor profile is actually pretty unique: institutional ownership is present, but it's not the dominant force you see in a mega-cap stock. As of the most recent filings (Q3 2025), there are about 201 institutional owners holding a total of 16,411,959 shares. That's a significant chunk of capital, but it only represents around a quarter of the total shares outstanding, meaning retail investors still hold substantial sway.

The institutional confidence, or lack thereof, is a key metric. When you see names like BlackRock, Inc. and State Street Corp on the shareholder list, it tells you the company has passed some initial due diligence filters. These aren't speculative traders; they are long-term asset managers who are fundamentally betting on Nano-X's core technology and business model, which you can read more about at Nano-X Imaging Ltd. (NNOX): History, Ownership, Mission, How It Works & Makes Money.

Here's a quick look at the top institutional holders and their positions as of September 30, 2025:

Recent Shifts: Are Institutions Buying or Selling?

The near-term trend is a mixed bag, which is typical for a growth-stage company like Nano-X Imaging Ltd. that is still working toward full commercialization of its digital X-ray source technology. Looking at the Q3 2025 filings, the overall picture shows a slight cooling from some major index-tracking funds, but a strong accumulation from others. BlackRock, Inc. and State Street Corp, both massive index fund managers, pared back their positions by 4.35% and 1.047%, respectively. This isn't a massive sell-off, but it's a reduction, defintely. They are often just rebalancing their index funds (like the Russell 2000 ETF) based on the stock's market cap changes.

But here's the counterbalance: UBS Group AG significantly boosted its stake by over 36%, adding 292,899 shares. Also, active managers like ARK Investment Management LLC increased their position by 22.119%, adding 69,695 shares. This tells me that while passive funds are trimming, there are active, conviction-based institutional buyers stepping in. It's a tug-of-war between passive indexing and active management bets.

• Passive funds trimmed: BlackRock, Inc. cut its position.
• Active managers accumulated: UBS Group AG and ARK Investment Management LLC increased their holdings.
• Smaller funds showed huge conviction: Some smaller institutions boosted their positions by over 50% in Q2 2025.

The Impact of Institutional Investors on NNOX Strategy

The role of institutional investors in Nano-X Imaging Ltd. is critical, but it's different here because of the high retail ownership-upwards of 76% of the shares are held by public companies and individual investors. This means institutional investors don't have the same level of control they would in a company where they own 80% of the float. Still, their influence is substantial for three main reasons:

First, their presence lends credibility. When a fund like BlackRock is on the books, it signals that the company has passed a basic level of financial and operational scrutiny, which can attract other professional investors. Second, they provide a floor for price stability. Retail investors are often more reactive to news and market sentiment, causing high volatility. Institutional investors, with their long-term mandates, tend to hold through the noise, which can help dampen wild price swings. Third, they have a voice in strategy and governance. While they may not control the vote, a major shareholder like State Street Corp can engage with management directly on capital allocation and strategic direction. Their buying or selling patterns, especially in large blocks, can move the stock price instantly, so monitoring their 13F filings is a clear action you need to take.

Key Investors and Their Impact on Nano-X Imaging Ltd. (NNOX)

If you're looking at Nano-X Imaging Ltd. (NNOX), the first thing you need to know is that this is not a stock dominated by institutional giants. The investor profile is unusual: it's a high-conviction, high-volatility play where retail investors hold the vast majority of the shares, which is why the stock price can swing wildly on news.

As of late 2025, institutional investors own only about 19.69% of the company's stock, which is quite low for a Nasdaq-listed tech firm. This means the individual, or retail, investor base holds a massive chunk-roughly 80.30%. When a few big funds make a move, it can feel outsized, but honestly, the collective sentiment of the retail crowd is the real, defintely unpredictable, driver here.

Here's the quick math: with approximately 63.9 million shares outstanding as of June 30, 2025, the institutional slice is about 12.58 million shares. That low institutional float is a recipe for volatility.

The Institutional Heavyweights and Their Stakes

Despite the modest overall institutional ownership, a few major players anchor the institutional side. These are mostly passive index funds and large asset managers, which means they are buying and selling to track an index, not because they're suddenly turning into activists. The largest holder is BlackRock, Inc., but even their stake is relatively small in the grand scheme of their total assets under management (AUM).

The top institutional holders as of the September 30, 2025, filing date show a mix of conviction and caution:

Note that the value of BlackRock's holding, for instance, was reported around $10.072 million as of September 29, 2025, which is a substantial position for NNOX, but still a drop in the bucket for BlackRock.

Recent Moves: Who's Buying and Who's Selling?

Looking at the latest 13F filings from the third quarter of 2025, we see a clear pattern of repositioning. The big index players are trimming, while others are adding aggressively, suggesting a divergence in short-term outlooks. This is classic for a growth stock with a binary outcome.

• BlackRock, Inc.: Reduced its position by 4.35% (shedding 161,840 shares) in the quarter ending September 30, 2025.
• UBS Group AG: Increased its stake significantly by 36.901% (adding 292,899 shares) in the same period, showing a clear accumulation signal.
• Morgan Stanley: Cut its position by 5.231% (reducing 39,236 shares), another large bank scaling back slightly.
• ARK Investment Management LLC: Increased its holding by 69,695 shares as of September 30, 2025, maintaining a position that aligns with its focus on disruptive technology.

The key takeaway here is that while 68 institutional investors decreased their positions in the most recent quarter, 55 others added shares, so it's not a one-way street. The large increase by UBS is a notable vote of confidence in the near-term strategy, especially given the stock's recent price decline.

Investor Influence: The Power of Catalysts

Because no single entity holds a Schedule 13D (indicating an intent to actively pursue a change in business strategy), the influence of these large investors is mostly passive. They impact the stock price through their buying and selling volume, not through boardroom demands. The real influence on the stock price comes from company catalysts and analyst coverage.

For example, the stock jumped 16.96% on November 19, 2025, driven by investor optimism following a strategic reseller partnership with 3DR Labs to expand its AI solution distribution to over 1,800 U.S. hospitals. Plus, a D. Boral Capital analyst reaffirmed a 'Buy' rating with an $8.00 price target that same month. This is how the stock moves-on product news, regulatory wins like the CE Mark for Nanox.ARC, and analyst upgrades, not on activist demands from a major shareholder.

If you want to dig deeper into the underlying economics driving these investor decisions, you should check out the full financial breakdown: Breaking Down Nano-X Imaging Ltd. (NNOX) Financial Health: Key Insights for Investors.

Market Impact and Investor Sentiment

You're looking at Nano-X Imaging Ltd. (NNOX) and wondering if the big money is still in, and honestly, the investor profile is a fascinating mix of conviction and caution. The near-term sentiment from major shareholders is best described as a high-stakes, opportunistic neutral-to-positive position, driven by the company's long-term disruptive potential in medical imaging, not current profitability.

We see a clear split: a relatively modest institutional stake compared to most growth stocks, but the institutions that are in are significant players. This tells me the smart money sees a deep-value play in the core technology, but the execution risk is still high. Retail investors, on the other hand, hold a massive chunk of the company, which often leads to higher volatility. You need to understand that the high retail ownership, around 89.63% according to some recent data, means the stock can move fast on news, both good and bad.

Here's a quick look at the top institutional players as of the 2025 fiscal year filings:

BlackRock, Inc. holding over 3.5 million shares is a major vote of confidence, but the overall institutional ownership percentage is still relatively low compared to the retail base. They are betting on the long game. You can read more about the company's goals here: Mission Statement, Vision, & Core Values of Nano-X Imaging Ltd. (NNOX).

Recent Market Reactions to Ownership Shifts

The market's response to ownership changes in Nano-X Imaging Ltd. has been volatile, which is typical for a stock with high retail interest and a disruptive technology story. For example, the stock price was trading at $2.92 per share on November 13, 2025, which is a sharp drop from $6.03 a year prior. That's a significant cut, but it also creates opportunity.

A clear example of how news-driven this stock is came on November 19, 2025. The stock surged by 16.96% in pre-market trading after the announcement of a strategic reseller partnership with 3DR Labs, which expands the distribution of their AI solutions to over 1,800 U.S. hospitals. That's a massive jump on commercial news, showing investors are hyper-focused on execution and market penetration.

Institutional buying and selling also create swings. In Q3 2025, we saw a mixed bag of activity from hedge funds: Goldman Sachs Group Inc. added 318,923 shares (a +290.2% increase), while National Bank Of Canada /fi/ removed 422,400 shares (a -88.5% decrease). This divergence shows a lack of consensus among the largest players, which is defintely a sign of a high-risk, high-reward profile. The stock is a battleground.

Analyst Perspectives on Key Investor Impact

The analyst community is largely bullish, which helps stabilize sentiment despite the price volatility. The consensus rating for Nano-X Imaging Ltd. is a 'Buy' or 'Outperform,' based on the latest research from firms leading up to November 2025.

The average 12-month price target from analysts sits around $7.75 to $8.50. If you take the current price of around $3.24 (as of a recent November 2025 report), that average target implies an upside of about 139.20%. That's a huge potential return, but it's predicated on the successful commercialization of the Nanox.ARC and the Nanox.CLOUD platform.

The presence of major institutional holders like BlackRock, Inc. and ARK Investment Management LLC is often seen by analysts as validation of the long-term vision, particularly the shift toward a 'pay-per-scan' business model (Software-as-a-Service or SaaS for medical imaging) and the AI-driven diagnostics segment. They are essentially saying, 'The technology is real, and the business model is transformative, but the company must execute.'

• Average Analyst Price Target: $7.75 (implies 139.20% upside from $3.24).
• Key Revenue Driver: Radiology Services division.
• Analyst Action: D. Boral Capital reiterated a 'Buy' with an $8.00 target on November 18, 2025.

What this estimate hides is the cash burn and the regulatory hurdles that Nano-X Imaging Ltd. still faces. The optimism is baked into the future, not the present financials. The analysts believe the big investors will hold their ground, giving management the runway it needs to deliver on its innovative strategy.