Nano Nuclear Energy (NASDAQ:NNE) Trading Up 1.8% - Should You Buy?

Key Points

• Nano Nuclear Energy Inc. shares increased by 1.8% to $38.63, with a significant drop in trading volume compared to the average.
• Recent analyst reports upgraded Nano Nuclear Energy to a "strong-buy" rating, with an average consensus target price of $51.75.
• The company reported a quarterly EPS of (0.57), missing analysts' estimates, and has a market cap of $1.59 billion.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares traded up 1.8% during mid-day trading on Wednesday . The company traded as high as $39.05 and last traded at $38.63. 1,026,253 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,903,514 shares. The stock had previously closed at $37.95.

Analyst Ratings Changes

NNE has been the topic of a number of recent research reports. Northland Capmk upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. LADENBURG THALM/SH SH initiated coverage on Nano Nuclear Energy in a research report on Thursday, July 10th. They issued a "buy" rating and a $51.00 price target on the stock. Finally, Northland Securities began coverage on Nano Nuclear Energy in a research report on Monday, July 7th. They set an "outperform" rating and a $40.00 price objective for the company. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Nano Nuclear Energy currently has an average rating of "Buy" and a consensus target price of $51.75.

Nano Nuclear Energy Price Performance

The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -42.30 and a beta of 7.15. The firm's 50-day moving average is $34.47 and its 200 day moving average is $30.45.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported ($0.57) earnings per share (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 EPS for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Nano Nuclear Energy by 44.4% in the first quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock worth $26,196,000 after purchasing an additional 304,405 shares in the last quarter. Anson Funds Management LP bought a new stake in shares of Nano Nuclear Energy in the 4th quarter valued at approximately $20,746,000. Hudson Bay Capital Management LP acquired a new stake in shares of Nano Nuclear Energy during the 4th quarter valued at approximately $19,642,000. Nuveen Asset Management LLC bought a new position in Nano Nuclear Energy during the fourth quarter worth $4,544,000. Finally, Exchange Traded Concepts LLC acquired a new position in Nano Nuclear Energy in the second quarter worth $6,269,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.