Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 11.6% – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price dropped 11.6% during trading on Thursday . The company traded as low as $38.40 and last traded at $38.43. Approximately 2,235,359 shares changed hands 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.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NNE shares. HC Wainwright reissued a “buy” rating and issued a $50.00 price objective on shares of Nano Nuclear Energy in a report on Friday, August 15th. BTIG Research assumed coverage on Nano Nuclear Energy in a research note on Thursday, August 28th. They issued a “neutral” rating on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Wednesday, October 8th. One research 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 given a Sell rating to the company. According to MarketBeat, Nano Nuclear Energy presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Nano Nuclear Energy Trading Up 2.0%

The stock has a market cap of $1.97 billion, a PE ratio of -42.13 and a beta of 6.80. The business’s 50-day moving average price is $41.88 and its 200-day moving average price is $35.34.

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, topping the consensus estimate of ($0.27) by $0.08. As a group, analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in NNE. Vanguard Group Inc. grew its position in shares of Nano Nuclear Energy by 40.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company’s stock valued at $68,547,000 after acquiring an additional 516,129 shares during the period. MRA Advisory Group boosted its position in Nano Nuclear Energy by 58.7% during the third quarter. MRA Advisory Group now owns 10,134 shares of the company’s stock worth $391,000 after purchasing an additional 3,749 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Nano Nuclear Energy by 441.3% in the third quarter. JPMorgan Chase & Co. now owns 74,009 shares of the company’s stock valued at $2,854,000 after purchasing an additional 60,336 shares during the period. Wedbush Securities Inc. purchased a new stake in shares of Nano Nuclear Energy in the third quarter valued at approximately $235,000. Finally, Caprock Group LLC purchased a new stake in shares of Nano Nuclear Energy in the third quarter valued at approximately $1,347,000.

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.