Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.7% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price dropped 3.7% during trading on Tuesday . The stock traded as low as $23.34 and last traded at $23.90. Approximately 931,365 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 3,373,110 shares. The stock had previously closed at $24.83.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Benchmark lifted their target price on Nano Nuclear Energy from $39.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price objective on shares of Nano Nuclear Energy in a research report on Wednesday, November 27th.

Nano Nuclear Energy Price Performance

The stock’s 50-day simple moving average is $24.10 and its two-hundred day simple moving average is $18.34.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Monday, December 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. On average, sell-side analysts anticipate that Nano Nuclear Energy Inc. will post -0.46 EPS for the current year.

Institutional Trading of Nano Nuclear Energy

A number of large investors have recently added to or reduced their stakes in NNE. Citizens Financial Group Inc. RI increased its holdings in shares of Nano Nuclear Energy by 747.7% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 729,000 shares of the company’s stock worth $10,505,000 after buying an additional 643,000 shares during the last quarter. Geode Capital Management LLC purchased a new position in Nano Nuclear Energy in the third quarter worth about $954,000. Virtu Financial LLC bought a new stake in Nano Nuclear Energy during the third quarter worth approximately $933,000. State Street Corp purchased a new stake in Nano Nuclear Energy during the third quarter valued at approximately $718,000. Finally, XTX Topco Ltd bought a new stake in shares of Nano Nuclear Energy in the 3rd quarter valued at approximately $305,000.

Nano Nuclear Energy Company Profile

NANO Nuclear Energy Inc operates as a microreactor technology company. The company is developing ZEUS, a solid-core battery reactor, and ODIN, a low-pressure coolant reactor. It is also developing a high-assay low-enriched uranium fabrication facility to supply fuel to the nuclear reactor industry and fuel transportation and nuclear consultation businesses.