Nano Nuclear Energy (NASDAQ:NNE) Trading 2.3% Higher - What's Next?

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 share price rose 2.3% during mid-day trading on Thursday . The company traded as high as $38.19 and last traded at $36.90. Approximately 1,523,086 shares were traded during trading, a decline of 61% from the average daily volume of 3,902,230 shares. The stock had previously closed at $36.07.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NNE shares. Northland Capmk raised Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. Northland Securities started coverage on Nano Nuclear Energy in a research report on Monday, July 7th. They issued an "outperform" rating and a $40.00 price objective for the company. Finally, LADENBURG THALM/SH SH started coverage on Nano Nuclear Energy in a research report on Thursday, July 10th. They issued a "buy" rating and a $51.00 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.com, the company has a consensus rating of "Buy" and a consensus price target of $51.75.

Nano Nuclear Energy Stock Down 3.2%

The company has a market capitalization of $1.42 billion, a P/E ratio of -37.72 and a beta of 7.29. The firm has a 50-day moving average price of $34.45 and a two-hundred day moving average price of $30.14.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position 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 during the period. Anson Funds Management LP acquired a new position in Nano Nuclear Energy during the fourth quarter worth $20,746,000. Hudson Bay Capital Management LP acquired a new position in Nano Nuclear Energy during the fourth quarter worth $19,642,000. Nuveen Asset Management LLC acquired 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 during the second quarter worth $6,269,000.

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.