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

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) shares traded down 7.7% on Tuesday . The company traded as low as $31.87 and last traded at $31.83. 1,642,941 shares were traded during trading, a decline of 57% from the average session volume of 3,865,226 shares. The stock had previously closed at $34.49.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a "buy" rating and issued a $50.00 price objective on shares of Nano Nuclear Energy in a report on Monday, March 31st.

Nano Nuclear Energy Price Performance

The stock has a 50 day simple moving average of $30.02 and a two-hundred day simple moving average of $28.81. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -36.75 and a beta of 7.29.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.46). As a group, research analysts forecast that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Institutional Trading of Nano Nuclear Energy

Hedge funds have recently made changes to their positions in the company. LPL Financial LLC acquired a new position in Nano Nuclear Energy in the fourth quarter valued at approximately $2,596,000. Franklin Resources Inc. acquired a new position in shares of Nano Nuclear Energy in the 4th quarter valued at $1,036,000. SG Americas Securities LLC increased its position in shares of Nano Nuclear Energy by 113.8% during the 1st quarter. SG Americas Securities LLC now owns 29,586 shares of the company's stock worth $783,000 after purchasing an additional 15,747 shares during the last quarter. Millennium Management LLC purchased a new stake in Nano Nuclear Energy in the 4th quarter valued at about $1,253,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Nano Nuclear Energy during the fourth quarter worth about $271,000.

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.