Here's Why Nano-X Stock More Than Doubled Last Month
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.
Source Fool.com
