Nano Nuclear Energy (NASDAQ:NNE) Shares Up 7% - Here's Why

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shot up 7% on Wednesday . The company traded as high as $36.33 and last traded at $35.84. 1,329,936 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 3,889,659 shares. The stock had previously closed at $33.49.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Nano Nuclear Energy in a report on Monday, March 31st.

Nano Nuclear Energy Price Performance

The firm has a 50 day simple moving average of $27.48 and a 200-day simple moving average of $28.21. The stock has a market capitalization of $1.55 billion and a price-to-earnings ratio of -41.00.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.57) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.46). On average, sell-side analysts forecast that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nano Nuclear Energy

Large investors have recently bought and sold shares of the business. Anson Funds Management LP bought a new position in Nano Nuclear Energy in the 4th quarter valued at $20,746,000. Hudson Bay Capital Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at $19,642,000. Vanguard Group Inc. raised its holdings in shares of Nano Nuclear Energy by 2,838.5% in the fourth quarter. Vanguard Group Inc. now owns 685,619 shares of the company's stock valued at $17,068,000 after buying an additional 662,287 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Nano Nuclear Energy during the 4th quarter worth about $4,544,000. Finally, Citizens Financial Group Inc. RI lifted its position in Nano Nuclear Energy by 23.5% during the 4th quarter. Citizens Financial Group Inc. RI now owns 900,000 shares of the company's stock worth $22,406,000 after buying an additional 171,000 shares in the last quarter.

About Nano Nuclear Energy

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.