Nano Nuclear Energy (NASDAQ:NNE) Trading Down 7.4% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price fell 7.4% during trading on Thursday . The company traded as low as $28.89 and last traded at $29.14. 1,789,652 shares traded hands during trading, a decline of 73% from the average session volume of 6,635,841 shares. The stock had previously closed at $31.48.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NNE. Benchmark lifted their price target on shares of Nano Nuclear Energy from $39.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. HC Wainwright restated 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 Price Performance

The firm has a market cap of $1.09 billion and a price-to-earnings ratio of -71.69. The firm’s fifty day moving average is $30.01 and its 200-day moving average is $21.51.

Nano Nuclear Energy (NASDAQ:NNE) last released its earnings results on Thursday, February 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.09. As a group, equities 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 institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of Nano Nuclear Energy by 19.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,076 shares of the company’s stock valued at $52,000 after purchasing an additional 331 shares during the period. New York State Common Retirement Fund acquired a new position in shares of Nano Nuclear Energy during the fourth quarter valued at about $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Nano Nuclear Energy during the fourth quarter valued at about $30,000. IFP Advisors Inc increased its position in shares of Nano Nuclear Energy by 638.5% during the fourth quarter. IFP Advisors Inc now owns 1,477 shares of the company’s stock worth $37,000 after acquiring an additional 1,277 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Nano Nuclear Energy by 27.6% during the fourth quarter. Barclays PLC now owns 6,767 shares of the company’s stock worth $168,000 after acquiring an additional 1,463 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.