Nano Nuclear Energy (NASDAQ:NNE) Trading Down 11.6% – What’s Next?

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price dropped 11.6% on Thursday . The stock traded as low as $38.40 and last traded at $38.43. Approximately 2,235,359 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 3,872,009 shares. The stock had previously closed at $43.47.

Analysts Set New Price Targets

Several research analysts have recently commented on NNE shares. HC Wainwright restated a “buy” rating and set a $50.00 price target on shares of Nano Nuclear Energy in a research note on Friday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. BTIG Research started coverage on shares of Nano Nuclear Energy in a research note on Thursday, August 28th. They set a “neutral” rating on the stock. Finally, LADENBURG THALM/SH SH started coverage on shares of Nano Nuclear Energy in a research note on Thursday, July 10th. They set a “buy” rating and a $51.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Nano Nuclear Energy Stock Performance

The business’s 50 day moving average is $41.67 and its 200-day moving average is $35.17. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -41.32 and a beta of 6.80.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.08. Equities research analysts forecast that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in NNE. Charles Schwab Investment Management Inc. increased its position in shares of Nano Nuclear Energy by 445.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,291 shares of the company’s stock worth $1,569,000 after purchasing an additional 48,424 shares in the last quarter. Swiss National Bank acquired a new stake in Nano Nuclear Energy in the 1st quarter valued at about $1,220,000. New York State Common Retirement Fund increased its position in Nano Nuclear Energy by 533.3% in the 1st quarter. New York State Common Retirement Fund now owns 7,600 shares of the company’s stock valued at $201,000 after acquiring an additional 6,400 shares in the last quarter. Cetera Investment Advisers increased its position in Nano Nuclear Energy by 168.7% in the 1st quarter. Cetera Investment Advisers now owns 45,789 shares of the company’s stock valued at $1,212,000 after acquiring an additional 28,748 shares in the last quarter. Finally, Optimize Financial Inc acquired a new stake in Nano Nuclear Energy in the 1st quarter valued at about $217,000.

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.