Nano Nuclear Energy (NASDAQ:NNE) Shares Down 6.6% – Here’s What Happened

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) fell 6.6% during trading on Wednesday . The stock traded as low as $28.40 and last traded at $29.54. 1,057,468 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 3,791,001 shares. The stock had previously closed at $31.63.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $50.00 target price on shares of Nano Nuclear Energy in a report on Wednesday, January 29th.

Nano Nuclear Energy Stock Performance

The company has a 50 day moving average of $31.64 and a 200-day moving average of $24.98. The stock has a market cap of $992.44 million and a price-to-earnings ratio of -65.29.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.09. On average, research analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Anson Funds Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter valued at $20,746,000. Hudson Bay Capital Management LP purchased a new stake in Nano Nuclear Energy during the 4th quarter worth about $19,642,000. Vanguard Group Inc. raised its position in Nano Nuclear Energy by 2,838.5% in the 4th quarter. Vanguard Group Inc. now owns 685,619 shares of the company’s stock valued at $17,068,000 after purchasing an additional 662,287 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Nano Nuclear Energy in the 4th quarter valued at about $11,311,000. Finally, Nuveen Asset Management LLC acquired a new position in shares of Nano Nuclear Energy during the fourth quarter worth about $4,544,000.

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.