Nano Nuclear Energy (NASDAQ:NNE) Trading Up 9.5% After Better-Than-Expected Earnings

Nano Nuclear Energy Inc. (NASDAQ:NNE) traded up 9.5% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $33.25 and last traded at $33.0950. 1,420,506 shares changed hands during trading, a decline of 61% from the average session volume of 3,606,864 shares. The stock had previously closed at $30.23.

The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.14.

Analysts Set New Price Targets

A number of brokerages have recently commented on NNE. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research note on Friday. BTIG Research began coverage on Nano Nuclear Energy in a research report on Thursday, August 28th. They issued a “neutral” rating on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Nano Nuclear Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NNE. Archer Investment Corp acquired a new position in shares of Nano Nuclear Energy in the 3rd quarter valued at approximately $39,000. Tripletail Wealth Management LLC acquired a new stake in shares of Nano Nuclear Energy during the third quarter worth approximately $43,000. US Bancorp DE increased its stake in shares of Nano Nuclear Energy by 51.9% in the third quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after buying an additional 400 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nano Nuclear Energy in the third quarter valued at $48,000. Finally, NewEdge Advisors LLC boosted its stake in Nano Nuclear Energy by 385.8% during the 1st quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock valued at $51,000 after acquiring an additional 1,520 shares during the last quarter.

Nano Nuclear Energy Stock Performance

The company’s fifty day simple moving average is $38.38 and its two-hundred day simple moving average is $36.75. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -35.58 and a beta of 7.17.

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.