Nano Nuclear Energy (NASDAQ:NNE) Trading Down 9.7% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) traded down 9.7% during trading on Friday . The stock traded as low as $35.13 and last traded at $35.1040. 573,487 shares were traded during trading, a decline of 84% from the average session volume of 3,645,640 shares. The stock had previously closed at $38.86.

Analysts Set New Price Targets

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

Nano Nuclear Energy Trading Down 6.9%

The stock’s 50 day moving average is $40.18 and its 200 day moving average is $36.78. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -39.05 and a beta of 7.17.

Institutional Investors Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp increased its position in shares of Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock worth $100,190,000 after acquiring an additional 1,030,262 shares in the last quarter. Vanguard Group Inc. grew its holdings in Nano Nuclear Energy by 40.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company’s stock worth $68,547,000 after acquiring an additional 516,129 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Nano Nuclear Energy by 11,676.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock valued at $66,564,000 after purchasing an additional 1,711,592 shares in the last quarter. Hood River Capital Management LLC bought a new position in shares of Nano Nuclear Energy during the second quarter worth about $31,935,000. Finally, Geode Capital Management LLC increased its holdings in Nano Nuclear Energy by 6.4% in the second quarter. Geode Capital Management LLC now owns 349,104 shares of the company’s stock valued at $12,039,000 after buying an additional 20,899 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.