Nano Nuclear Energy (NASDAQ:NNE) Shares Down 2.4% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price traded down 2.4% on Thursday . The company traded as low as $27.33 and last traded at $28.08. 551,804 shares were traded during trading, a decline of 86% from the average session volume of 3,903,781 shares. The stock had previously closed at $28.77.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NNE shares. Benchmark raised their price target 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. HC Wainwright reissued a “buy” rating and issued a $50.00 target price on shares of Nano Nuclear Energy in a research note on Wednesday, January 29th.

Nano Nuclear Energy Stock Performance

The stock’s 50-day simple moving average is $30.50 and its 200-day simple moving average is $22.92. The firm has a market capitalization of $1.01 billion and a PE ratio of -66.42.

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

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Anson Funds Management LP purchased a new position in Nano Nuclear Energy during the 4th quarter valued at about $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. lifted 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. Citizens Financial Group Inc. RI boosted its position 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 purchasing an additional 643,000 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of Nano Nuclear Energy in 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.