Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.6% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares dropped 3.6% on Tuesday . The stock traded as low as $25.39 and last traded at $25.46. Approximately 1,055,363 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 3,577,369 shares. The stock had previously closed at $26.42.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NNE shares. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday, December 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Nano Nuclear Energy Stock Down 4.3%

The stock has a 50-day moving average of $35.65 and a 200-day moving average of $36.82. The company has a market cap of $1.28 billion, a PE ratio of -24.32 and a beta of 7.19.

Nano Nuclear Energy (NASDAQ:NNE) last announced its earnings results on Thursday, December 18th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.14. Research analysts expect that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Archer Investment Corp bought a new position in shares of Nano Nuclear Energy in the 3rd quarter worth $39,000. Tripletail Wealth Management LLC bought a new stake in shares of Nano Nuclear Energy during the 3rd quarter worth $43,000. US Bancorp DE grew its position in Nano Nuclear Energy by 51.9% in the third quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after acquiring an additional 400 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Nano Nuclear Energy in the third quarter valued at $48,000. Finally, NewEdge Advisors LLC raised its position in Nano Nuclear Energy by 385.8% during the first quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock valued at $51,000 after purchasing an additional 1,520 shares in the last quarter.

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.