Nano Nuclear Energy (NASDAQ:NNE) Shares Gap Down After Analyst Downgrade

Key Points

• Nano Nuclear Energy Inc. shares gapped down over 5% on Monday, opening at $34.00 after closing at $35.89, with the last trade recorded at $32.19.
• Analysts have differing ratings for the stock: HC Wainwright maintains a "buy" with a $50 target, while LADENBURG THALM/SH SH downgraded it to "sell" with a target of $9.
• The company's quarterly earnings report indicated an EPS of ($0.19), outperforming estimates, while institutional investors have recently increased their stakes significantly.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares gapped down before the market opened on Monday after LADENBURG THALM/SH SH downgraded the stock from a buy rating to a sell rating. The stock had previously closed at $35.89, but opened at $34.00. LADENBURG THALM/SH SH now has a $9.00 price target on the stock, down from their previous price target of $51.00. Nano Nuclear Energy shares last traded at $32.19, with a volume of 1,734,168 shares trading hands.

A number of other equities analysts have also commented on NNE. HC Wainwright reissued a "buy" rating and issued a $50.00 price target on shares of Nano Nuclear Energy in a research report on Friday, August 15th. Northland Capmk raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Northland Securities began coverage on shares of Nano Nuclear Energy in a research report on Monday, July 7th. They issued an "outperform" rating and a $40.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $41.25.

Institutional Investors Weigh In On Nano Nuclear Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hood River Capital Management LLC bought a new position in shares of Nano Nuclear Energy during the 2nd quarter worth about $31,935,000. Hudson Bay Capital Management LP bought a new position in shares of Nano Nuclear Energy during the 4th quarter worth approximately $19,642,000. Anson Funds Management LP acquired a new stake in Nano Nuclear Energy in the 4th quarter valued at $20,746,000. Vanguard Group Inc. grew its position in Nano Nuclear Energy by 44.4% in the first quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock valued at $26,196,000 after acquiring an additional 304,405 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in Nano Nuclear Energy during the fourth quarter worth $4,544,000.

Nano Nuclear Energy Stock Up 7.6%

The stock has a fifty day simple moving average of $35.25 and a 200-day simple moving average of $30.29. The company has a market capitalization of $1.30 billion, a P/E ratio of -33.68 and a beta of 7.15.

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

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.