Nano Nuclear Energy (NASDAQ:NNE) Trading Down 8.4% - Here's Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) were down 8.4% during mid-day trading on Wednesday . The company traded as low as $35.90 and last traded at $36.18. Approximately 1,647,492 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 3,925,464 shares. The stock had previously closed at $39.50.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Nano Nuclear Energy in a report on Monday, March 31st.

Nano Nuclear Energy Stock Performance

The firm has a market cap of $1.43 billion and a price-to-earnings ratio of -37.98. The business's 50-day moving average is $28.98 and its 200-day moving average is $28.57.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NNE. Anson Funds Management LP acquired a new stake in Nano Nuclear Energy during the 4th quarter worth approximately $20,746,000. Hudson Bay Capital Management LP bought a new stake in shares of Nano Nuclear Energy during the fourth quarter worth approximately $19,642,000. Vanguard Group Inc. boosted its stake in Nano Nuclear Energy by 2,838.5% in the 4th quarter. Vanguard Group Inc. now owns 685,619 shares of the company's stock valued at $17,068,000 after purchasing an additional 662,287 shares during the period. Nuveen Asset Management LLC acquired a new position in Nano Nuclear Energy in the 4th quarter valued at $4,544,000. Finally, Citizens Financial Group Inc. RI increased its position in Nano Nuclear Energy by 23.5% during the 4th quarter. Citizens Financial Group Inc. RI now owns 900,000 shares of the company's stock worth $22,406,000 after buying an additional 171,000 shares during the period.

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.