Nano Nuclear Energy (NASDAQ:NNE) Stock Jumps 7.7% - Still a Buy?

Key Points

• Nano Nuclear Energy shares rose 7.7% to about $16.71, although trading volume was 66% below the stock’s average daily volume.
• Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus and an average price target of $38.14; individual targets range from $37 to $46, despite one sell rating.
• The company beat quarterly EPS expectations with a loss of $0.19 versus the estimated $0.26 loss, but revenue of $0.21 million fell short of the $0.50 million consensus. CEO James Walker also sold 25,000 shares under a pre-arranged trading plan.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s stock price traded up 7.7% during trading on Tuesday. The stock traded as high as $16.69 and last traded at $16.7120. 743,012 shares traded hands during trading, a decline of 66% from the average daily volume of 2,182,874 shares. The stock had previously closed at $15.51.

Analysts Set New Price Targets

A number of research firms recently issued reports on NNE. New Street Research set a $45.00 target price on Nano Nuclear Energy in a research report on Thursday, August 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Nano Nuclear Energy in a research note on Friday, July 17th. Alliance Global Partners assumed coverage on Nano Nuclear Energy in a research report on Monday, July 27th. They set a "buy" rating and a $46.00 price target on the stock. Northland Securities set a $37.00 price objective on Nano Nuclear Energy in a research note on Friday, August 14th. Finally, Benchmark reissued a "buy" rating on shares of Nano Nuclear Energy in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $38.14.

Nano Nuclear Energy Stock Up 7.9%

The firm has a market cap of $898.51 million, a P/E ratio of -24.30 and a beta of 5.49. The business has a fifty day moving average of $17.52 and a 200 day moving average of $21.03.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.07. The business had revenue of $0.21 million during the quarter, compared to the consensus estimate of $0.50 million. Research analysts expect that Nano Nuclear Energy Inc. will post -0.8 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Nano Nuclear Energy by 7.5% during the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 10,320 shares of the company's stock worth $211,000 after purchasing an additional 720 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Nano Nuclear Energy by 4.3% in the first quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company's stock valued at $390,000 after purchasing an additional 793 shares in the last quarter. Harbour Investments Inc. lifted its position in Nano Nuclear Energy by 275.7% during the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company's stock worth $28,000 after purchasing an additional 863 shares during the period. Leonteq Securities AG lifted its position in Nano Nuclear Energy by 15.4% during the first quarter. Leonteq Securities AG now owns 7,504 shares of the company's stock worth $154,000 after purchasing an additional 1,004 shares during the period. Finally, Ascentis Independent Advisors acquired a new stake in Nano Nuclear Energy during the first quarter worth about $36,000.

Nano Nuclear Energy Company Profile

Nano Nuclear Energy, Inc is an advanced nuclear energy technology company developing portable microreactors and related nuclear-fuel capabilities. The company's objective is to provide compact, transportable power systems for applications that may not be well served by conventional nuclear plants or electrical grids.

Its principal reactor concepts include ZEUS, a solid-core battery reactor designed for off-grid power generation, and ODIN, a molten-salt reactor concept intended to produce electricity and industrial heat.

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