Nano Nuclear stock is up 23.57% so far in August, slightly beating May’s 23.5% returns already.
- Northland lowered the price target on Nano Nuclear Energy to $37 from $45 and maintained an ‘Outperform’ rating on the shares on Friday.
- Last week, Nano Nuclear posted an adjusted loss per share of $0.19, narrower than an expected loss per share of $0.27, as per data from Fiscal.ai.
- However, the company reported revenue of about $0.21 million, below an expectation of $0.39 million.
Shares of Nano Nuclear Energy Inc. (NNE) are on track to post their best monthly gains this year, if the uptick holds. The nuclear energy company posted mixed third-quarter (Q3) results last week, prompting Wall Street caution after the print.
NNE stock is up 23.57% so far in August, slightly beating May’s 23.5% returns already.
Nano Nuclear posted adjusted loss per share of $0.19, narrower than an expected loss per share of $0.27, as per data from Fiscal.ai. However, the company reported revenue of about $0.21 million, below an expectation of $0.39 million.
Meanwhile, net loss widened to $10.1 million from $7.6 million year-over-year amid a ramp up in engineering and regulatory spending. A key positive in the results were a strong liquidity and debt position, with the company ending the quarter with about $580 million in liquidity and zero debt.
Why Is Wall Street Cutting Price Targets?
Northland lowered the price target on Nano Nuclear Energy to $37 from $45 and maintained an ‘Outperform’ rating on the shares on Friday. The firm said that it had adjusted its valuation to reflect “an overall pullback in the nuclear space,” according to TheFly.
Why Are Nuclear Stocks Down This Year?
Nuclear stocks were under pressure in recent months as investors rotated away from speculative, pre-revenue clean-tech startups into marquee names. Meanwhile, a cooling off in the AI-power space alongside a probable lengthy approval time for small modular reactors (SMRs) led to a selloff.
NNE stock is down more than 18% so far this year. Meanwhile, competitors Oklo Inc. (OKLO) and NuScale Power (SMR) are down more than 38% and 33%, respectively. The VanEck Uranium and Nuclear ETF (NLR), which tracks the full nuclear supply chain, is down nearly 5% at the same time.
NNE Stock: Retail Stance
On Stocktwits, retail sentiment around NNE stock was ‘bearish’ over 24 hours amid ‘normal’ message volumes.
One bearish user said, “$NNE Nothing but HYPE.”
Another user said, “$NNE hmm long way To go Yet huh.”
However, one user pointed out, “$NNE i think nuclear stocks will be rallying from now to end of year. There is a significant shortage on energy, accelerated by data centers and future quantum technology coming. Europe even had some energy crash lately (ie. Spain) and microreactors will be needed for several uses.”
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