Nano Nuclear Energy (NASDAQ:NNE) Trading Down 9.8% – Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NNE. BTIG Research initiated coverage on shares of Nano Nuclear Energy in a research note on Thursday, August 28th. They set a “neutral” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price target on shares of Nano Nuclear Energy in a research note on Friday, August 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Nano Nuclear Energy presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Nano Nuclear Energy Trading Down 9.6%

The company has a market cap of $1.47 billion, a price-to-earnings ratio of -31.54 and a beta of 6.80. The business has a 50-day moving average price of $42.21 and a 200 day moving average price of $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 company. Marshall Investment Management LLC acquired a new position in shares of Nano Nuclear Energy in the 1st quarter valued at about $27,000. Archer Investment Corp bought a new position in shares of Nano Nuclear Energy in the third quarter valued at approximately $39,000. Stone House Investment Management LLC bought a new stake in Nano Nuclear Energy during the first quarter valued at about $40,000. Tripletail Wealth Management LLC acquired a new stake in Nano Nuclear Energy in the 3rd quarter valued at approximately $43,000. Finally, US Bancorp DE grew its stake in shares of 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 during the last quarter.

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.