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

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) were down 8.2% during trading on Tuesday . The company traded as low as $24.03 and last traded at $24.48. Approximately 1,385,043 shares were traded 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 Analysts Forecast Growth

NNE has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $50.00 target price on shares of Nano Nuclear Energy in a report on Wednesday, January 29th. Benchmark boosted their target price on 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 Price Performance

The firm’s 50-day moving average price is $30.25 and its 200-day moving average price is $22.04. The company has a market cap of $919.30 million and a price-to-earnings ratio of -60.37.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.09. On average, sell-side analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Nano Nuclear Energy

Hedge funds have recently modified their holdings of the stock. Citizens Financial Group Inc. RI grew its position in Nano Nuclear Energy by 23.5% in the fourth quarter. Citizens Financial Group Inc. RI now owns 900,000 shares of the company’s stock valued at $22,406,000 after acquiring an additional 171,000 shares in the last quarter. Anson Funds Management LP purchased a new position in shares of Nano Nuclear Energy in the fourth quarter valued at $20,746,000. Hudson Bay Capital Management LP acquired a new stake in Nano Nuclear Energy during the 4th quarter valued at $19,642,000. Vanguard Group Inc. increased its stake in Nano Nuclear Energy by 2,838.5% during the 4th 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 period. Finally, Van ECK Associates Corp acquired a new position in Nano Nuclear Energy in the 4th 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.