Nano Nuclear Energy (NASDAQ:NNE) Shares Down 3.7% - Here's Why

Key Points

• Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) fell by 3.7% on Monday, trading as low as $45.10, with a significant drop in trading volume.
• Despite the decline, analysts generally have a positive outlook, with a consensus rating of "Moderate Buy" and an average target price of $51.75.
• The company reported earnings of ($0.19) EPS for the last quarter, exceeding expectations and forecasts for the current fiscal year anticipate -0.92 EPS.

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) dropped 3.7% during trading on Monday . The company traded as low as $45.10 and last traded at $46.07. Approximately 2,753,963 shares traded hands during trading, a decline of 30% from the average daily volume of 3,910,164 shares. The stock had previously closed at $47.84.

Wall Street Analysts Forecast Growth

NNE has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nano Nuclear Energy in a report on Wednesday, October 8th. Northland Capmk upgraded Nano Nuclear Energy to a "strong-buy" rating in a report on Monday, July 7th. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Nano Nuclear Energy in a research report on Friday, August 15th. LADENBURG THALM/SH SH initiated coverage on Nano Nuclear Energy in a research report on Thursday, July 10th. They issued a "buy" rating and a $51.00 target price for the company. Finally, BTIG Research initiated coverage on Nano Nuclear Energy in a research report on Thursday, August 28th. They issued a "neutral" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.75.

Nano Nuclear Energy Stock Performance

The firm has a 50 day simple moving average of $38.71 and a 200-day simple moving average of $33.19.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.08. Equities analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Institutional Trading of Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rothschild Investment LLC increased its position in Nano Nuclear Energy by 9.3% in the second quarter. Rothschild Investment LLC now owns 6,655 shares of the company's stock worth $230,000 after purchasing an additional 565 shares during the period. CWM LLC boosted its holdings in Nano Nuclear Energy by 17.7% during the third quarter. CWM LLC now owns 3,837 shares of the company's stock worth $148,000 after buying an additional 576 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in Nano Nuclear Energy by 15.4% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,123 shares of the company's stock worth $211,000 after buying an additional 815 shares during the last quarter. IFP Advisors Inc boosted its holdings in Nano Nuclear Energy by 27.9% during the second quarter. IFP Advisors Inc now owns 4,128 shares of the company's stock worth $142,000 after buying an additional 900 shares during the last quarter. Finally, North Capital Inc. bought a new position in Nano Nuclear Energy during the first quarter worth about $26,000.

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.

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