Nano Nuclear Energy (NASDAQ:NNE) Trading Down 4.8% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price traded down 4.8% during mid-day trading on Monday . The company traded as low as $42.90 and last traded at $45.24. 2,819,608 shares changed hands during trading, a decline of 28% from the average session volume of 3,895,303 shares. The stock had previously closed at $47.54.

Analyst Upgrades and Downgrades

NNE has been the topic of several research reports. BTIG Research initiated coverage on Nano Nuclear Energy in a research note on Thursday, August 28th. They issued a “neutral” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Wednesday, October 8th. Northland Capmk raised shares of Nano Nuclear Energy to a “strong-buy” rating in a research report on Monday, July 7th. LADENBURG THALM/SH SH initiated coverage on shares of Nano Nuclear Energy in a report on Thursday, July 10th. They set a “buy” rating and a $51.00 target price for the company. Finally, Northland Securities assumed coverage on shares of Nano Nuclear Energy in a research note on Monday, July 7th. They issued an “outperform” rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Nano Nuclear Energy Trading Down 4.8%

The company has a market cap of $2.27 billion, a P/E ratio of -48.64 and a beta of 6.80. The business has a 50 day moving average price of $40.99 and a 200-day moving average price of $34.78.

Nano Nuclear Energy (NASDAQ:NNE) last issued its earnings results on Thursday, August 14th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.08. On average, sell-side analysts expect 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 institutional investors and hedge funds have recently modified their holdings of the company. Archer Investment Corp bought a new position in Nano Nuclear Energy during the third quarter worth about $39,000. Marshall Investment Management LLC bought a new stake in Nano Nuclear Energy in the first quarter valued at approximately $27,000. Tripletail Wealth Management LLC acquired a new stake in shares of Nano Nuclear Energy in the third quarter valued at approximately $43,000. KBC Group NV bought a new position in shares of Nano Nuclear Energy during the 1st quarter worth approximately $31,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Nano Nuclear Energy during the 1st quarter worth approximately $40,000.

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.