Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 3.7% - Here's Why

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price was up 3.7% during mid-day trading on Thursday . The stock traded as high as $38.45 and last traded at $38.29. Approximately 1,587,467 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 3,824,648 shares. The stock had previously closed at $36.92.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NNE. Northland Capmk raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Nano Nuclear Energy in a research report on Monday, March 31st. Northland Securities began coverage on shares of Nano Nuclear Energy in a research report on Monday, July 7th. They set an "outperform" rating and a $40.00 target price for the company. Finally, LADENBURG THALM/SH SH began coverage on shares of Nano Nuclear Energy in a research report on Thursday, July 10th. They set a "buy" rating and a $51.00 target price for the company. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $51.75.

Nano Nuclear Energy Stock Performance

The stock has a 50 day moving average price of $33.38 and a 200 day moving average price of $29.75. The company has a market capitalization of $1.75 billion, a P/E ratio of -46.53 and a beta of 7.29.

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

Institutional Trading of Nano Nuclear Energy

A number of hedge funds have recently bought and sold shares of the company. North Capital Inc. purchased a new position in shares of Nano Nuclear Energy during the first quarter valued at approximately $26,000. Marshall Investment Management LLC purchased a new position in shares of Nano Nuclear Energy during the first quarter valued at approximately $27,000. Ameriflex Group Inc. purchased a new position in shares of Nano Nuclear Energy during the fourth quarter valued at approximately $29,000. KBC Group NV purchased a new position in shares of Nano Nuclear Energy during the first quarter valued at approximately $31,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Nano Nuclear Energy during the fourth quarter valued at approximately $30,000.

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.