Nano Nuclear Energy (NASDAQ:NNE) Trading 2.4% Higher on Earnings Beat

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price traded up 2.4% during trading on Friday following a stronger than expected earnings report. The company traded as high as $37.07 and last traded at $36.06. 1,019,403 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 3,838,238 shares. The stock had previously closed at $35.20.

The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.08.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on NNE shares. Northland Capmk upgraded Nano Nuclear Energy to a “strong-buy” rating in a report on Monday, July 7th. Northland Securities started coverage on Nano Nuclear Energy in a report on Monday, July 7th. They set an “outperform” rating and a $40.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $50.00 target price on shares of Nano Nuclear Energy in a report on Friday. Finally, LADENBURG THALM/SH SH started coverage on Nano Nuclear Energy in a report on Thursday, July 10th. They set a “buy” rating and a $51.00 target price for the company. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $51.75.

Institutional Investors Weigh In On Nano Nuclear Energy

Several hedge funds have recently bought and sold shares of the stock. Hood River Capital Management LLC acquired a new stake in shares of Nano Nuclear Energy in the second quarter valued at approximately $31,935,000. Hudson Bay Capital Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at approximately $19,642,000. Anson Funds Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at approximately $20,746,000. Vanguard Group Inc. raised its position in shares of Nano Nuclear Energy by 44.4% in the first 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. Finally, Nuveen Asset Management LLC bought a new position in Nano Nuclear Energy in the fourth quarter valued at approximately $4,544,000.

Nano Nuclear Energy Stock Up 2.0%

The business’s 50 day moving average is $35.42 and its 200-day moving average is $30.53. The firm has a market capitalization of $1.49 billion, a P/E ratio of -38.59 and a beta of 7.15.

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.