Nano Nuclear Energy (NASDAQ:NNE) Shares Up 5.1% - Here's What Happened

Key Points

• Nano Nuclear Energy Inc. (NASDAQ:NNE) saw its share price increase by 5.1%, reaching a high of $38.18, although trading volume decreased by 52% from its average.
• A consensus of analysts gives NNE a "Buy" rating with an average target price of $51.75, indicating positive expectations for the stock's future performance.
• The company reported a quarterly loss of ($0.57) EPS, significantly below the consensus estimate, leading analysts to anticipate a yearly EPS of -0.92.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s stock price was up 5.1% on Wednesday . The company traded as high as $38.18 and last traded at $37.26. Approximately 1,868,808 shares were traded during trading, a decline of 52% from the average daily volume of 3,899,801 shares. The stock had previously closed at $35.45.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NNE shares. LADENBURG THALM/SH SH started coverage on shares of Nano Nuclear Energy in a report on Thursday, July 10th. They set a "buy" rating and a $51.00 target price on the stock. Northland Capmk upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Northland Securities started coverage on shares of Nano Nuclear Energy in a research report on Monday, July 7th. They set an "outperform" rating and a $40.00 price target for the company. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $51.75.

Nano Nuclear Energy Stock Down 4.1%

The firm's 50-day moving average price is $34.41 and its 200 day moving average price is $30.22. The firm has a market cap of $1.41 billion, a P/E ratio of -37.35 and a beta of 7.16.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced 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, equities analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FNY Investment Advisers LLC bought a new position in Nano Nuclear Energy in the 2nd quarter valued at about $137,000. Koshinski Asset Management Inc. bought a new position in Nano Nuclear Energy in the 2nd quarter valued at about $544,000. MGO One Seven LLC grew its position in Nano Nuclear Energy by 7.5% in the 2nd quarter. MGO One Seven LLC now owns 14,664 shares of the company's stock valued at $506,000 after buying an additional 1,028 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in Nano Nuclear Energy in the 2nd quarter valued at about $262,000. Finally, IFP Advisors Inc grew its position in Nano Nuclear Energy by 27.9% in the 2nd quarter. IFP Advisors Inc now owns 4,128 shares of the company's stock valued at $142,000 after buying an additional 900 shares in the last quarter.

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.