Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 8.1% - What's Next?

Key Points

• Nano Nuclear Energy's stock experienced a significant decline of 8.1% in a single trading day, closing at $42.58 compared to the previous close of $46.35.
• Equity analysts have mixed perspectives on the stock, with an average target price of $51.75 and multiple ratings ranging from "Strong Buy" to "Neutral."
• The company reported earnings of ($0.19) per share, surpassing estimates, and has a current market cap of $1.77 billion.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price fell 8.1% during trading on Wednesday . The stock traded as low as $42.32 and last traded at $42.58. 4,065,112 shares changed hands during trading, an increase of 8% from the average session volume of 3,764,162 shares. The stock had previously closed at $46.35.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NNE shares. Northland Securities started coverage on shares of Nano Nuclear Energy in a research note on Monday, July 7th. They issued an "outperform" rating and a $40.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Nano Nuclear Energy in a research note on Friday, August 15th. BTIG Research began coverage on shares of Nano Nuclear Energy in a research note on Thursday, August 28th. They issued a "neutral" rating on the stock. Northland Capmk raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Monday, July 7th. Finally, LADENBURG THALM/SH SH started coverage on shares of Nano Nuclear Energy in a research note on Thursday, July 10th. They issued a "buy" rating and a $51.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $51.75.

Nano Nuclear Energy Trading Down 8.2%

The stock has a market cap of $1.77 billion, a P/E ratio of -45.73 and a beta of 7.03. The company's fifty day simple moving average is $35.24 and its 200-day simple moving average is $30.93.

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. As a group, analysts expect that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nano Nuclear Energy

Several large investors have recently made changes to their positions in the company. Osaic Holdings Inc. grew its holdings in shares of Nano Nuclear Energy by 7.8% in the 2nd quarter. Osaic Holdings Inc. now owns 44,669 shares of the company's stock worth $1,541,000 after purchasing an additional 3,237 shares during the last quarter. Total Investment Management Inc. acquired a new stake in shares of Nano Nuclear Energy in the 2nd quarter valued at approximately $60,000. Newbridge Financial Services Group Inc. increased its stake in Nano Nuclear Energy by 24.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 10,682 shares of the company's stock worth $368,000 after purchasing an additional 2,100 shares in the last quarter. Nomura Holdings Inc. bought a new stake in Nano Nuclear Energy during the 2nd quarter worth approximately $895,000. Finally, FORA Capital LLC bought a new stake in Nano Nuclear Energy during the 2nd quarter worth approximately $311,000.

Nano Nuclear Energy Company Profile

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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