Nano Nuclear Energy (NASDAQ:NNE) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• Nano Nuclear Energy reported quarterly earnings of (-$0.19) per share, surpassing the consensus estimate of (-$0.27) by $0.08.
• The company's stock performance saw over 2.7 million shares traded, with shares currently priced at $35.89, compared to a fifty-two week low of $6.52 and high of $48.05.
• Several analysts have given the stock a "buy" rating, with a consensus price target of $51.75 following recent coverage initiations.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.08, Zacks reports.

Nano Nuclear Energy Stock Down 1.0%

Nano Nuclear Energy stock traded down $0.28 during midday trading on Wednesday, hitting $29.05. 2,946,839 shares of the stock were exchanged, compared to its average volume of 4,001,998. The company has a fifty day simple moving average of $35.31 and a two-hundred day simple moving average of $30.35. Nano Nuclear Energy has a 52 week low of $6.52 and a 52 week high of $48.05. The stock has a market capitalization of $1.21 billion, a PE ratio of -31.24 and a beta of 7.15.

Analyst Ratings Changes

Several research firms have weighed in on NNE. Northland Capmk upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. LADENBURG THALM/SH SH lowered shares of Nano Nuclear Energy from a "buy" rating to a "sell" rating and reduced their target price for the company from $51.00 to $9.00 in a research note on Monday. Northland Securities initiated coverage on shares of Nano Nuclear Energy in a research note on Monday, July 7th. They issued an "outperform" rating and a $40.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Nano Nuclear Energy in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $41.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NNE. The Manufacturers Life Insurance Company boosted its holdings in shares of Nano Nuclear Energy by 7.7% in the second quarter. The Manufacturers Life Insurance Company now owns 14,142 shares of the company's stock valued at $488,000 after buying an additional 1,015 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Nano Nuclear Energy by 385.8% in the first quarter. NewEdge Advisors LLC now owns 1,914 shares of the company's stock valued at $51,000 after buying an additional 1,520 shares during the period. Invesco Ltd. boosted its holdings in shares of Nano Nuclear Energy by 18.3% in the second quarter. Invesco Ltd. now owns 14,307 shares of the company's stock valued at $493,000 after buying an additional 2,214 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Nano Nuclear Energy by 404.6% in the second quarter. Tower Research Capital LLC TRC now owns 5,011 shares of the company's stock valued at $173,000 after buying an additional 4,018 shares during the period. Finally, Flow Traders U.S. LLC acquired a new position in shares of Nano Nuclear Energy in the second quarter valued at approximately $221,000.

Nano Nuclear Energy Company Profile

NANO Nuclear Energy, Inc is a microreactor and nuclear technology company, which provides supply energy services. Its products in technical development are ZEUS, a solid core battery reactor, and ODIN, a low-pressure coolant reactor. The company is founded by Jiang Yu in February, 2022 and is headquartered in New York, NY.