X-Energy (NASDAQ:XE) Stock Jumps 5.8% After Earnings Beat

X-Energy, Inc. (NASDAQ:XE) rose 5.8% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $11.71 and last traded at $11.57. Approximately 3,501,912 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 5,983,156 shares. The stock had previously closed at $10.94.

The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. The firm had revenue of $66.34 million for the quarter. X-Energy’s quarterly revenue was up 118.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on XE. UBS Group decreased their price target on shares of X-Energy from $34.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. Guggenheim reiterated a “buy” rating and set a $57.00 price target on shares of X-Energy in a report on Tuesday, September 8th. Piper Sandler reduced their price objective on shares of X-Energy from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Monday, October 19th. Wedbush assumed coverage on X-Energy in a report on Tuesday, November 3rd. They issued an “outperform” rating and a $17.00 price objective for the company. Finally, Needham & Company LLC initiated coverage on X-Energy in a research report on Monday, October 26th. They set a “hold” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.

Hedge Funds Weigh In On X-Energy

Several large investors have recently added to or reduced their stakes in XE. Eastern Bank acquired a new position in X-Energy during the 3rd quarter valued at about $28,000. GK Wealth Management LLC purchased a new stake in shares of X-Energy in the third quarter worth approximately $57,000. IFP Advisors Inc purchased a new stake in shares of X-Energy in the second quarter worth approximately $95,000. Silicon Valley Capital Partners purchased a new stake in shares of X-Energy in the second quarter worth approximately $103,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of X-Energy by 81.4% in the third quarter. SBI Securities Co. Ltd. now owns 13,615 shares of the company’s stock valued at $193,000 after purchasing an additional 6,109 shares in the last quarter.

X-Energy Stock Performance

The firm’s fifty day moving average is $13.48. The company has a market cap of $4.70 billion and a P/E ratio of -77.13.

About X-Energy

X-energy is an advanced nuclear technology company developing small modular reactors and nuclear fuel. Its flagship design, the Xe-100, is a high-temperature, gas-cooled reactor intended to provide electricity and industrial process heat. The company’s reactor design uses pebble-shaped fuel containing TRISO-X particles, which are engineered to retain radioactive materials at high temperatures. Founded in 2009, X-energy has worked with government and commercial partners to advance its reactor and fuel technologies.