Nano Nuclear Energy Inc. (NASDAQ:NNE) Short Interest Update

Key Points

• The short interest in Nano Nuclear Energy Inc. increased by 30.0% in August, with 8,020,000 shares sold short as of August 15th, representing 29.7% of the company's total shares.
• The company's stock traded up 1.5% on the day, reaching $32.35, and has a market capitalization of $1.34 billion.
• Nano Nuclear Energy reported earnings of ($0.19) per share, exceeding expectations, and analysts have set an average price target of $41.25 for the stock.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 8,020,000 shares, a growth of 30.0% from the July 31st total of 6,170,000 shares. Based on an average trading volume of 4,090,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 29.7% of the shares of the stock are sold short. Approximately 29.7% of the shares of the stock are sold short. Based on an average trading volume of 4,090,000 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analysts Forecast Growth

NNE has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH cut Nano Nuclear Energy from a "buy" rating to a "sell" rating and reduced their target price for the company from $51.00 to $9.00 in a report on Monday, August 18th. BTIG Research initiated coverage on Nano Nuclear Energy in a research report on Thursday, August 28th. They set a "neutral" rating for the company. HC Wainwright restated a "buy" rating and set a $50.00 price target on shares of Nano Nuclear Energy in a research report on Friday, August 15th. Northland Securities started coverage on Nano Nuclear Energy in a research note on Monday, July 7th. They issued an "outperform" rating and a $40.00 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Nano Nuclear Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.25.

Nano Nuclear Energy Trading Up 0.3%

Shares of NASDAQ NNE traded up $0.10 during midday trading on Friday, reaching $33.06. 1,446,925 shares of the company were exchanged, compared to its average volume of 2,446,028. Nano Nuclear Energy has a 1 year low of $10.35 and a 1 year high of $48.05. The stock has a fifty day simple moving average of $34.39 and a 200 day simple moving average of $30.30. The stock has a market cap of $1.38 billion, a P/E ratio of -35.55 and a beta of 7.03.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.19) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.08. As a group, analysts forecast that Nano Nuclear Energy will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently modified their holdings of NNE. Hood River Capital Management LLC acquired a new stake in shares of Nano Nuclear Energy during the 2nd quarter valued at approximately $31,935,000. Vanguard Group Inc. lifted its stake in Nano Nuclear Energy by 44.4% in the 1st quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock valued at $26,196,000 after buying an additional 304,405 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Nano Nuclear Energy in the 4th quarter valued at approximately $4,544,000. Exchange Traded Concepts LLC purchased a new stake in Nano Nuclear Energy in the 2nd quarter valued at approximately $6,269,000. Finally, BNP Paribas Financial Markets lifted its stake in Nano Nuclear Energy by 15,411.5% in the 4th quarter. BNP Paribas Financial Markets now owns 104,082 shares of the company's stock valued at $2,591,000 after buying an additional 103,411 shares in the last quarter.

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.