Nano Nuclear Energy (NASDAQ:NNE) Shares Down 8.5% - Here's What Happened

Key Points

• Nano Nuclear Energy shares dropped 8.5% during trading, reaching as low as $37.66, with a significant decrease in trading volume by 24% from average levels.
• Despite the stock's current slump, several brokerages have reaffirmed buy ratings and set a consensus target price of $51.75.
• The company recently reported a loss of ($0.57) EPS, significantly below expectations, with analysts forecasting an EPS of ($0.92) for the fiscal year.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price traded down 8.5% during trading on Monday . The stock traded as low as $37.66 and last traded at $38.29. 2,935,422 shares changed hands during trading, a decline of 24% from the average session volume of 3,865,519 shares. The stock had previously closed at $41.85.

Analyst Ratings Changes

A number of analysts have weighed in on NNE shares. Northland Securities began coverage on Nano Nuclear Energy in a research report on Monday, July 7th. They issued an "outperform" rating and a $40.00 price target for the company. Northland Capmk upgraded Nano Nuclear Energy to a "strong-buy" rating in a report on Monday, July 7th. Finally, LADENBURG THALM/SH SH started coverage on Nano Nuclear Energy in a report on Thursday, July 10th. They set a "buy" rating and a $51.00 price target on the stock. 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.com, the company currently has a consensus rating of "Buy" and an average price target of $51.75.

Nano Nuclear Energy Stock Performance

The firm has a market cap of $1.41 billion, a P/E ratio of -37.35 and a beta of 7.29. The company has a 50-day moving average of $34.45 and a 200 day moving average of $30.14.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly 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). Sell-side analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.