Nano Nuclear Energy (NASDAQ:NNE) Shares Down 8.5% - Should You Sell?

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) shares dropped 8.5% during mid-day trading on Monday . The stock traded as low as $37.66 and last traded at $38.29. Approximately 2,935,422 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 3,865,519 shares. The stock had previously closed at $41.85.

Analysts Set New Price Targets

NNE has been the topic of several research analyst reports. 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 assumed coverage on shares of Nano Nuclear Energy in a research report on Thursday, July 10th. They set a "buy" rating and a $51.00 price target on the stock. Finally, Northland Securities assumed 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. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $51.75.

Nano Nuclear Energy Price Performance

The business's 50-day moving average price is $34.29 and its 200 day moving average price is $30.03. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -39.64 and a beta of 7.29.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last posted 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, sell-side analysts expect that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Institutional Trading of Nano Nuclear Energy

Institutional investors have recently added to or reduced their stakes in the stock. North Capital Inc. acquired a new stake in Nano Nuclear Energy in the first quarter valued at $26,000. Marshall Investment Management LLC acquired a new stake in Nano Nuclear Energy in the first quarter valued at $27,000. Ameriflex Group Inc. acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at $29,000. Aster Capital Management DIFC Ltd acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at $30,000. Finally, KBC Group NV bought a new stake in Nano Nuclear Energy during the first quarter valued at $31,000.

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.