Nano Nuclear Energy (NASDAQ:NNE) Trading Up 2.3% - Should You Buy?

Key Points

• Nano Nuclear Energy shares experienced a trading increase of 2.3%, reaching a high of $38.19 before closing at $36.90, despite a significant drop in trading volume.
• Equities research analysts are optimistic about the stock, with a consensus average rating of "Buy" and a price target of $51.75, following multiple upgrades and coverage initiations.
• The company reported a miss in earnings per share for the last quarter at ($0.57), significantly below the expected consensus of ($0.11).

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s stock price rose 2.3% on Thursday . The company traded as high as $38.19 and last traded at $36.90. Approximately 1,523,086 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 3,902,230 shares. The stock had previously closed at $36.07.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NNE shares. Northland Securities started 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. LADENBURG THALM/SH SH initiated coverage on Nano Nuclear Energy in a research report on Thursday, July 10th. They set a "buy" rating and a $51.00 price objective on the stock. Finally, Northland Capmk upgraded Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Nano Nuclear Energy currently has an average rating of "Buy" and an average target price of $51.75.

Nano Nuclear Energy Stock Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of -37.35 and a beta of 7.16. The stock has a 50-day simple moving average of $34.41 and a 200 day simple moving average of $30.28.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Nano Nuclear Energy by 44.4% during the first quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock worth $26,196,000 after acquiring an additional 304,405 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at about $20,746,000. Hudson Bay Capital Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at about $19,642,000. Nuveen Asset Management LLC acquired a new position in Nano Nuclear Energy during the fourth quarter worth approximately $4,544,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Nano Nuclear Energy during the second quarter worth approximately $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.