Nano Nuclear Energy (NASDAQ:NNE) Stock Jumps 11.2% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares rose 11.2% on Friday. The stock traded as high as $10.80 and last traded at $10.7180. 757,418 shares changed hands during trading, a decline of 65% from the average session volume of 2,175,626 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

A number of analysts have commented on NNE shares. Susquehanna set a $39.00 price target on shares of Nano Nuclear Energy in a research report on Thursday, October 1st. Northland Securities set a $37.00 price target on Nano Nuclear Energy in a report on Friday, August 14th. Alliance Global Partners started coverage on 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. Wall Street Zen raised Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, New Street Research set a $45.00 target price on Nano Nuclear Energy in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nano Nuclear Energy has a consensus rating of “Moderate Buy” and an average price target of $35.25.

Nano Nuclear Energy Trading Up 11.7%

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

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.19) earnings per share 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. Analysts forecast that Nano Nuclear Energy Inc. will post -0.80 EPS for the current fiscal year.

Insider Activity at Nano Nuclear Energy

In other Nano Nuclear Energy news, CEO James Walker sold 25,000 shares of Nano Nuclear Energy stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $17.77, for a total transaction of $444,250.00. Following the transaction, the chief executive officer owned 635,000 shares of the company’s stock, valued at $11,283,950. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 18.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC increased its position in Nano Nuclear Energy by 337.7% in the third quarter. Signaturefd LLC now owns 1,637 shares of the company’s stock worth $26,000 after buying an additional 1,263 shares during the last quarter. Ascentis Independent Advisors purchased a new position in shares of Nano Nuclear Energy during the 1st quarter valued at $36,000. State of Wyoming bought a new position in Nano Nuclear Energy in the 2nd quarter worth about $45,000. C M Bidwell & Associates Ltd. purchased a new stake in Nano Nuclear Energy in the second quarter valued at approximately $55,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Nano Nuclear Energy during the 2nd quarter worth $68,000.

About Nano Nuclear Energy

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.