Nano Nuclear Energy (NASDAQ:NNE) Trading Down 7.4% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) were down 7.4% during mid-day trading on Thursday . The stock traded as low as $28.89 and last traded at $29.14. Approximately 1,789,652 shares were traded during trading, a decline of 73% from the average daily volume of 6,635,841 shares. The stock had previously closed at $31.48.

Wall Street Analyst Weigh In

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

Nano Nuclear Energy Stock Down 6.6 %

The company’s fifty day moving average price is $30.01 and its 200 day moving average price is $21.51. The company has a market capitalization of $1.09 billion and a P/E ratio of -71.69.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. Research analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NNE. Anson Funds Management LP bought a new stake in shares of Nano Nuclear Energy during the fourth quarter worth $20,746,000. Hudson Bay Capital Management LP bought a new stake in shares of Nano Nuclear Energy during the fourth quarter worth $19,642,000. Vanguard Group Inc. grew its stake 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 worth $17,068,000 after buying an additional 662,287 shares during the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Nano Nuclear Energy by 747.7% during the third 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. Finally, Van ECK Associates Corp bought a new stake in shares of Nano Nuclear Energy during the fourth quarter worth $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.