Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 1.2% - Should You Sell?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) were down 1.2% during trading on Wednesday . The stock traded as low as $32.75 and last traded at $33.30. Approximately 551,005 shares changed hands during trading, a decline of 85% from the average daily volume of 3,791,215 shares. The stock had previously closed at $33.72.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NNE. HC Wainwright restated a "buy" rating and issued a $50.00 price target on shares of Nano Nuclear Energy in a research report on Monday, March 31st. Northland Securities began coverage on Nano Nuclear Energy in a report on Monday. They set an "outperform" rating and a $40.00 price objective on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Nano Nuclear Energy in a research note on Thursday. They set a "buy" rating and a $51.00 price objective for the company. Finally, Northland Capmk raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday. 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 presently has an average rating of "Buy" and a consensus target price of $51.75.

Nano Nuclear Energy Stock Performance

The stock has a market capitalization of $1.42 billion, a PE ratio of -37.63 and a beta of 7.29. The firm has a 50 day moving average of $31.12 and a 200-day moving average of $29.12.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.57) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.46). On average, sell-side analysts predict that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Nano Nuclear Energy by 44.4% during the 1st quarter. Vanguard Group Inc. now owns 990,024 shares of the company's stock valued at $26,196,000 after purchasing an additional 304,405 shares in the last quarter. Anson Funds Management LP bought a new position in Nano Nuclear Energy during the fourth quarter valued at about $20,746,000. Hudson Bay Capital Management LP acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter worth about $19,642,000. Nuveen Asset Management LLC acquired a new stake in shares of Nano Nuclear Energy in the fourth quarter worth about $4,544,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Nano Nuclear Energy during the 2nd quarter worth about $6,269,000.

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.