Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 7.7% - Here's What Happened

Key Points

• Nano Nuclear Energy Inc. shares dropped 7.7% during mid-day trading on Wednesday, with the stock trading as low as $36.70 before closing at $38.85.
• Equities analysts have varying ratings for NNE, with one "Strong Buy," four "Buy," one "Hold," and one "Sell," leading to a consensus rating of "Moderate Buy" and an average target price of $51.75.
• Institutional investors have significantly increased their stakes in the company, with Charles Schwab raising its position by 445.6% in the first quarter alone.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares were down 7.7% during mid-day trading on Wednesday . The stock traded as low as $36.70 and last traded at $38.85. Approximately 6,108,671 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 3,920,003 shares. The stock had previously closed at $42.09.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NNE shares. Northland Capmk raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. BTIG Research started coverage on Nano Nuclear Energy in a research note on Thursday, August 28th. They issued a "neutral" rating for the company. Northland Securities initiated coverage on Nano Nuclear Energy in a research note on Monday, July 7th. They set an "outperform" rating and a $40.00 target price for the company. HC Wainwright reiterated 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, Weiss Ratings reiterated a "sell (d-)" rating on shares of Nano Nuclear Energy in a report on Wednesday, October 8th. One equities 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.75.

Nano Nuclear Energy Stock Down 7.7%

The stock has a fifty day moving average of $39.03 and a 200-day moving average of $33.43. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -41.77 and a beta of 6.80.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last issued its 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. On average, equities analysts forecast that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Nano Nuclear Energy by 445.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,291 shares of the company's stock valued at $1,569,000 after acquiring an additional 48,424 shares during the period. Swiss National Bank acquired a new position in Nano Nuclear Energy in the 1st quarter valued at $1,220,000. New York State Common Retirement Fund raised its holdings in Nano Nuclear Energy by 533.3% in the 1st quarter. New York State Common Retirement Fund now owns 7,600 shares of the company's stock valued at $201,000 after acquiring an additional 6,400 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Nano Nuclear Energy by 43.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 60,103 shares of the company's stock valued at $1,590,000 after purchasing an additional 18,188 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in Nano Nuclear Energy by 168.7% in the first quarter. Cetera Investment Advisers now owns 45,789 shares of the company's stock valued at $1,212,000 after purchasing an additional 28,748 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.