Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.3% - Time to Sell?

Key Points

• Nano Nuclear Energy Inc. shares fell by 3.3% to $45.83, with a notable increase in trading volume of 136% compared to the average daily volume.
• Analysts have mixed opinions, with one "Strong Buy," four "Buy," and one "Sell" ratings, while the stock holds a consensus rating of "Moderate Buy" with a price target averaging $51.75.
• The company reported a quarterly earnings per share of ($0.19), which exceeds analysts' expectations of ($0.27).

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price dropped 3.3% during mid-day trading on Friday . The stock traded as low as $44.85 and last traded at $45.83. Approximately 9,113,574 shares changed hands during trading, an increase of 136% from the average daily volume of 3,857,764 shares. The stock had previously closed at $47.41.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NNE. HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Nano Nuclear Energy in a research note on Friday, August 15th. BTIG Research started coverage on shares of Nano Nuclear Energy in a research report on Thursday, August 28th. They set a "neutral" rating on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Nano Nuclear Energy in a research report on Thursday, July 10th. They set a "buy" rating and a $51.00 price target for the company. Northland Capmk upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nano Nuclear Energy in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.75.

Nano Nuclear Energy Trading Down 3.3%

The stock has a 50 day moving average of $37.00 and a 200-day moving average of $32.13. The stock has a market capitalization of $1.91 billion, a P/E ratio of -49.28 and a beta of 6.80.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.19) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.08. Research analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Nano Nuclear Energy in the fourth quarter worth about $271,000. Rhumbline Advisers raised its holdings in shares of 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 in the last quarter. SG Americas Securities LLC lifted its position in shares of Nano Nuclear Energy by 113.8% in 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 period. Cornerstone Wealth Management LLC bought a new position in shares of Nano Nuclear Energy during the first quarter valued at approximately $233,000. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Nano Nuclear Energy by 43.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 60,103 shares of the company's stock valued at $1,590,000 after buying an additional 18,188 shares during the period.

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.

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