Nano Nuclear Energy (NASDAQ:NNE) Shares Down 9.8% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price dropped 9.8% during mid-day trading on Thursday . The company traded as low as $29.22 and last traded at $29.27. Approximately 2,272,153 shares traded hands during trading, a decline of 40% from the average daily volume of 3,789,285 shares. The stock had previously closed at $32.46.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. BTIG Research assumed coverage on shares of Nano Nuclear Energy in a research report on Thursday, August 28th. They issued a “neutral” rating for the company. Finally, HC Wainwright reissued a “buy” rating and set a $50.00 price objective on shares of Nano Nuclear Energy in a research report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Nano Nuclear Energy Trading Up 1.6%

The company has a market cap of $1.50 billion, a price-to-earnings ratio of -32.03 and a beta of 6.80. The company’s 50 day moving average price is $42.07 and its 200 day moving average price is $36.07.

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Nano Nuclear Energy by 445.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,291 shares of the company’s stock valued at $1,569,000 after purchasing an additional 48,424 shares in the last quarter. Swiss National Bank acquired a new position in Nano Nuclear Energy during the first quarter worth about $1,220,000. New York State Common Retirement Fund increased its holdings in Nano Nuclear Energy by 533.3% in the first quarter. New York State Common Retirement Fund now owns 7,600 shares of the company’s stock valued at $201,000 after buying an additional 6,400 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Nano Nuclear Energy by 168.7% during 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 during the period. Finally, Optimize Financial Inc purchased a new stake in shares of Nano Nuclear Energy during the 1st quarter worth approximately $217,000.

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.