Nano Nuclear Energy (NASDAQ:NNE) Stock Jumps 11.2% - Here's Why

Key Points

• Nano Nuclear shares rose 11.2% in Friday mid-day trading, reaching $10.80, while trading volume was 65% below its daily average.
• Analyst opinions are mixed, but MarketBeat reports a “Moderate Buy” consensus and an average price target of $35.25.
• The company posted a quarterly loss of $0.19 per share, better than analysts expected, but revenue of $0.21 million fell short of the $0.50 million consensus estimate. CEO James Walker also sold 25,000 shares under a pre-arranged trading plan.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares traded up 11.2% during mid-day trading on Friday. The stock traded as high as $10.80 and last traded at $10.7180. Approximately 757,418 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 2,175,626 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Benchmark reissued a "buy" rating on shares of Nano Nuclear Energy in a research report on Thursday, August 13th. Wall Street Zen raised shares of Nano Nuclear Energy from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Alliance Global Partners initiated coverage on shares of Nano Nuclear Energy in a research report on Monday, July 27th. They issued a "buy" rating and a $46.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nano Nuclear Energy in a report on Thursday, October 15th. Finally, Northland Securities set a $37.00 price objective on shares of Nano Nuclear Energy in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.25.

Nano Nuclear Energy Stock Up 11.7%

The stock has a 50 day moving average of $15.12 and a 200 day moving average of $21.34. The firm has a market cap of $578.08 million, a price-to-earnings ratio of -15.83 and a beta of 5.66.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.26) by $0.07. The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts predict that Nano Nuclear Energy Inc. will post -0.80 EPS for the current fiscal year.

Insider Activity at Nano Nuclear Energy

In other news, CEO James Walker sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $17.77, for a total value of $444,250.00. Following the sale, the chief executive officer directly owned 635,000 shares in the company, valued at approximately $11,283,950. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 18.61% of the company's stock.

Institutional Trading of Nano Nuclear Energy

Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp bought a new stake in shares of Nano Nuclear Energy in the third quarter worth $428,000. Fulcrum Asset Management LLP bought a new position in Nano Nuclear Energy during the 3rd quarter worth $180,000. Signaturefd LLC raised its position in Nano Nuclear Energy by 337.7% during the 3rd quarter. Signaturefd LLC now owns 1,637 shares of the company's stock worth $26,000 after purchasing an additional 1,263 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Nano Nuclear Energy by 131.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,439 shares of the company's stock worth $55,000 after buying an additional 1,952 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of Nano Nuclear Energy in the 3rd quarter valued at about $225,000.

Nano Nuclear Energy Company Profile

Nano Nuclear Energy Inc is a development-stage nuclear technology company focused on providing portable, scalable, and carbon-free energy solutions. The company is developing advanced microreactor technologies intended to serve applications that may be difficult or costly to support with conventional power infrastructure, including remote communities, industrial operations, data centers, and defense-related facilities.

Its reactor portfolio includes the ZEUS solid-core battery reactor and the ODIN low-pressure coolant reactor.

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