Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.1% - Should You Sell?

Key Points

• Nano Nuclear Energy's stock price fell 3.1% during mid-day trading, reaching a low of $50.11 and closing at $52.72, with trading volume increasing to 7,829,395 shares.
• Analysts have mixed ratings for the company, with one "Strong Buy," four "Buy," one "Hold," and one "Sell," resulting in an average rating of "Moderate Buy" and a consensus target price of $51.75.
• The company reported earnings of ($0.19) EPS, exceeding estimates and with forecasts indicating a projected -0.92 EPS for the current fiscal year.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price traded down 3.1% during mid-day trading on Wednesday . The stock traded as low as $50.11 and last traded at $52.72. 7,829,395 shares were traded during trading, an increase of 100% from the average session volume of 3,907,694 shares. The stock had previously closed at $54.38.

Wall Street Analyst Weigh In

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

Nano Nuclear Energy Price Performance

The firm has a 50 day simple moving average of $37.94 and a two-hundred day simple moving average of $32.62. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -56.69 and a beta of 6.80.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.19) EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.08. On average, sell-side analysts expect that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its stake in Nano Nuclear Energy by 376.9% in the 1st quarter. Rhumbline Advisers now owns 29,628 shares of the company's stock valued at $784,000 after purchasing an additional 23,416 shares during the period. SG Americas Securities LLC lifted 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 valued at $783,000 after acquiring an additional 15,747 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Nano Nuclear Energy by 10.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,019 shares of the company's stock valued at $318,000 after acquiring an additional 1,135 shares during the period. Cornerstone Wealth Management LLC bought a new stake in shares of Nano Nuclear Energy during the 1st quarter valued at $233,000. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Nano Nuclear Energy by 43.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 60,103 shares of the company's stock valued at $1,590,000 after acquiring an additional 18,188 shares during the period.

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.

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.