Nano Nuclear Energy Inc. (NASDAQ:NNE) Position Cut by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI reduced its stake in Nano Nuclear Energy by 2.2%, owning 880,000 shares valued at approximately $23.3 million after selling 20,000 shares in the first quarter.
• In the fourth quarter, other institutional investors such as Anson Funds Management and Vanguard Group Inc. significantly increased their stakes, with Vanguard raising its ownership by 2,838.5% to hold 685,619 shares.
• Nano Nuclear Energy's stock has had a 12-month price range between $6.30 and $48.05, with analysts projecting an average target price of $51.75 and a current PE ratio of -41.70.

Citizens Financial Group Inc. RI lessened its holdings in Nano Nuclear Energy Inc. (NASDAQ:NNE - Free Report) by 2.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 880,000 shares of the company's stock after selling 20,000 shares during the period. Citizens Financial Group Inc. RI owned about 2.37% of Nano Nuclear Energy worth $23,285,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. North Capital Inc. acquired a new position in shares of Nano Nuclear Energy in the first quarter worth about $26,000. Marshall Investment Management LLC acquired a new position in shares of Nano Nuclear Energy in the 1st quarter valued at approximately $27,000. Ameriflex Group Inc. acquired a new position in shares of Nano Nuclear Energy in the 4th quarter valued at approximately $29,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Nano Nuclear Energy during the 4th quarter valued at approximately $30,000. Finally, KBC Group NV acquired a new stake in shares of Nano Nuclear Energy during the first quarter worth approximately $31,000.

Nano Nuclear Energy Stock Performance

Shares of NASDAQ NNE traded down $1.39 during midday trading on Thursday, hitting $36.90. The company's stock had a trading volume of 2,344,807 shares, compared to its average volume of 4,053,919. Nano Nuclear Energy Inc. has a 1-year low of $6.30 and a 1-year high of $48.05. The firm's fifty day moving average price is $34.71 and its 200-day moving average price is $30.59. The firm has a market cap of $1.53 billion, a P/E ratio of -40.55 and a beta of 7.15.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported ($0.57) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.46). As a group, research analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on NNE shares. Northland Capmk upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. Northland Securities initiated coverage on shares of Nano Nuclear Energy in a research report on Monday, July 7th. They set an "outperform" rating and a $40.00 price target on the stock. Finally, LADENBURG THALM/SH SH assumed coverage on Nano Nuclear Energy in a report on Thursday, July 10th. They issued a "buy" rating and a $51.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $51.75.

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.