Nano Nuclear Energy (NASDAQ:NNE) Shares Down 3.3% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 3.3% during trading on Wednesday . The stock traded as low as $27.23 and last traded at $27.69. Approximately 758,594 shares changed hands during trading, a decline of 81% from the average daily volume of 3,915,241 shares. The stock had previously closed at $28.62.

Analyst Ratings Changes

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

Nano Nuclear Energy Stock Down 0.3 %

The stock has a market cap of $1.06 billion and a price-to-earnings ratio of -69.52. The stock has a 50 day simple moving average of $30.50 and a 200 day simple moving average of $22.87.

Nano Nuclear Energy (NASDAQ:NNE) last posted 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. Equities analysts expect that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Anson Funds Management LP purchased a new stake in shares of Nano Nuclear Energy in the fourth quarter worth approximately $20,746,000. Hudson Bay Capital Management LP bought a new position in Nano Nuclear Energy during the 4th quarter valued at $19,642,000. Vanguard Group Inc. boosted its holdings 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 acquiring 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% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 729,000 shares of the company’s stock worth $10,505,000 after acquiring 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 fourth quarter valued at about $11,311,000.

About Nano Nuclear Energy

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.