Nano Nuclear Energy Inc. (NASDAQ:NNE) shares pulled back Monday after rallying more than 25% last week. Here's what you need to know.
What To Know: Nuclear stocks have rallied in recent months, driven by an increased focus on nuclear from hyperscalers aiming to keep up with the rising energy demands of data centers related to the AI boom.
Several nuclear stocks began moving lower at the start of last week after the Federal Energy Regulatory Commission (FERC) rejected Talen Energy Corp's proposal to increase power output to an Amazon data center, citing potential risks to grid reliability and consumer costs.
The slump was short-lived for most nuclear names, including Nano Nuclear, which saw its shares charge higher after the company announced a strategic $2 million investment in LIS Technologies, entering into a collaboration with the only U.S.-origin company with patented laser-based uranium enrichment technology.
The partnership aims to create a domestic uranium supply for Nano's microreactors, ensuring fuel availability for the company's portable nuclear systems.
"This strategic collaboration with LIST is another important milestone for NANO Nuclear as we believe it provides us with a competitive edge over other advanced reactor companies in the U.S.," said Jay Yu, founder and chairman of Nano Nuclear Energy.
The company also announced the appointment of seasoned investment banker Darlene DeRemer as chairwoman of its executive advisory board for Institutional Finance. With over 25 years in institutional finance, DeRemer is expected to guide the company in raising capital for its portable nuclear energy projects aimed at enhancing U.S. energy security.
"We are excited to draw on her expertise in leading innovative, fast-growing organizations to ensure NANO Nuclear continues along its growth strategy at pace. Her leadership and experience will be instrumental in driving us forward efficiently, positioning us for long-term success," Yu said.
Benchmark analyst Michael Legg maintained Nano Nuclear with a Buy rating on Thursday and raised the price target from $39 to $66.
Price Action: Nano Nuclear Energy shares closed Monday down 5.35% at $21.60, according to Benzinga Pro.
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