Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 5.6% - Should You Buy?

Nano Nuclear Energy Inc. (NASDAQ:NNE) saw its stock price increase by 5.6% on Monday. The shares traded at a high of $26.00 during the day and last closed at $24.71. The trading volume reached 3,774,966 shares, which is a 12% increase compared to the average session volume of 3,357,008 shares. Previously, the stock had closed lower at $23.41.

Nano Nuclear Energy alerts:

Analyst Ratings Changes

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Several analysts have weighed in on the company recently. On November 7th, Benchmark raised their price target for Nano Nuclear Energy from $39.00 to $66.00, maintaining a "buy" rating for the stock. Meanwhile, HC Wainwright reiterated a "buy" rating and set a target price of $50.00 for Nano Nuclear Energy during a research report released on November 27th.

Read Our Latest Report on NNE

Nano Nuclear Energy Stock Up 5.6%

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The company's 50-day moving average stands at $25.59, while the 200-day moving average is at $18.98.

On December 30th, Nano Nuclear Energy reported its earnings results for the preceding quarter, announcing an earnings per share (EPS) of ($0.08), which exceeded the consensus estimate of ($0.16) by $0.08. Analysts predict that for the current year, the company is expected to post an EPS of -0.92.

Institutional Investors Weigh In On Nano Nuclear Energy

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A number of hedge funds have recently adjusted their holdings in Nano Nuclear Energy. Commonwealth Equity Services LLC acquired a new position valued at approximately $250,000 during the second quarter. Citizens Financial Group Inc., RI, significantly increased its stake in Nano Nuclear Energy by 747.7% in the third quarter and now holds 729,000 shares, worth around $10,505,000 after adding 643,000 additional shares in the last quarter. Other institutional investors, such as State Street Corp., XTX Topco Ltd, and Barclays PLC, have also bought into shares of Nano Nuclear Energy during the same period.

About Nano Nuclear Energy

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Nano Nuclear Energy, Inc is a company focusing on microreactors and nuclear technology, offering energy supply services. The company is in the process of developing products such as the ZEUS, a solid core battery reactor, and the ODIN, a low-pressure coolant reactor. Founded by Jiang Yu in February 2022, Nano Nuclear Energy is headquartered in New York, NY.

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Should You Invest $1,000 in Nano Nuclear Energy Right Now?

If you are considering investing in Nano Nuclear Energy, it is essential to be aware of the broader market trends.

MarketBeat tracks the recommendations of top-rated research analysts daily. While Nano Nuclear Energy has a current "buy" rating among analysts, there are reportedly five other stocks that analysts consider to be better investment opportunities at this time.

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Are you anticipating a decline in global energy demand? If not, it might be beneficial to explore energy stocks to enhance your investment portfolio.

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