Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 1.2% - Here's What Happened

Key Points

• Nano Nuclear Energy Inc. shares decreased by 1.2%, closing at $47.84, with a trading volume of approximately 3.57 million shares, down 9% from its average daily volume.
• Analysts have differing opinions on the stock, with one rating it as a Strong Buy, four as a Buy, and one assigning a Hold and a Sell rating, leading to a consensus rating of "Moderate Buy" and an average price target of $51.75.
• Vanguard Group significantly increased its stake in Nano Nuclear Energy by 44.4% in the first quarter, reflecting positive institutional interest in the company.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares dropped 1.2% during trading on Friday . The stock traded as low as $45.31 and last traded at $47.84. Approximately 3,569,260 shares traded hands during trading, a decline of 9% from the average daily volume of 3,915,898 shares. The stock had previously closed at $48.41.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NNE shares. LADENBURG THALM/SH SH initiated coverage on Nano Nuclear Energy in a research report on Thursday, July 10th. They set a "buy" rating and a $51.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. Northland Capmk raised Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. HC Wainwright reissued a "buy" rating and set a $50.00 price target on shares of Nano Nuclear Energy in a research report on Friday, August 15th. Finally, Northland Securities assumed coverage on Nano Nuclear Energy in a research report on Monday, July 7th. They set an "outperform" rating and a $40.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Nano Nuclear Energy has a consensus rating of "Moderate Buy" and an average price target of $51.75.

Nano Nuclear Energy Stock Down 1.2%

The business has a 50-day moving average of $38.46 and a 200-day moving average of $32.91. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -51.44 and a beta of 6.80.

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

Hedge Funds Weigh In On Nano Nuclear Energy

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Nano Nuclear Energy by 44.4% in the first quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock worth $26,196,000 after purchasing an additional 304,405 shares during the period. Hood River Capital Management LLC bought a new position in shares of Nano Nuclear Energy in the second quarter worth about $31,935,000. Geode Capital Management LLC increased its stake in shares of Nano Nuclear Energy by 6.4% in the second quarter. Geode Capital Management LLC now owns 349,104 shares of the company's stock worth $12,039,000 after purchasing an additional 20,899 shares during the period. Exchange Traded Concepts LLC grew its position in Nano Nuclear Energy by 64.0% during the third quarter. Exchange Traded Concepts LLC now owns 298,163 shares of the company's stock worth $11,497,000 after buying an additional 116,387 shares in the last quarter. Finally, LPL Financial LLC grew its position in Nano Nuclear Energy by 30.7% during the first quarter. LPL Financial LLC now owns 136,270 shares of the company's stock worth $3,606,000 after buying an additional 31,992 shares in the last quarter.

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.

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