Nano Nuclear Energy (NASDAQ:NNE) Shares Down 8.2% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 8.2% on Tuesday . The company traded as low as $24.03 and last traded at $24.48. Approximately 1,385,043 shares changed hands during trading, a decline of 78% from the average daily volume of 6,347,602 shares. The stock had previously closed at $26.66.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Benchmark lifted their price objective on Nano Nuclear Energy from $39.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. HC Wainwright restated a “buy” rating and issued a $50.00 price target on shares of Nano Nuclear Energy in a research note on Wednesday, January 29th.

Nano Nuclear Energy Stock Down 7.0 %

The firm has a market capitalization of $919.30 million and a price-to-earnings ratio of -60.37. The stock has a 50 day moving average of $30.25 and a 200 day moving average of $22.04.

Nano Nuclear Energy (NASDAQ:NNE) last issued its earnings results on Thursday, February 13th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.09. Analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Institutional Trading of Nano Nuclear Energy

A number of institutional investors and hedge funds have recently modified their holdings of NNE. Citizens Financial Group Inc. RI boosted its holdings in shares of Nano Nuclear Energy by 23.5% in the 4th quarter. Citizens Financial Group Inc. RI now owns 900,000 shares of the company’s stock valued at $22,406,000 after buying an additional 171,000 shares during the period. Anson Funds Management LP acquired a new position in Nano Nuclear Energy in the fourth quarter valued at approximately $20,746,000. Hudson Bay Capital Management LP bought a new position in shares of Nano Nuclear Energy during the fourth quarter valued at approximately $19,642,000. Vanguard Group Inc. grew its holdings in shares of Nano Nuclear Energy by 2,838.5% during the fourth quarter. Vanguard Group Inc. now owns 685,619 shares of the company’s stock valued at $17,068,000 after purchasing an additional 662,287 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new stake in shares of Nano Nuclear Energy during the 4th quarter worth approximately $11,311,000.

Nano Nuclear Energy Company Profile

NANO Nuclear Energy, Inc is a microreactor and nuclear technology company, which provides supply energy services. Its products in technical development are ZEUS, a solid core battery reactor, and ODIN, a low-pressure coolant reactor. The company is founded by Jiang Yu in February, 2022 and is headquartered in New York, NY.