Nano Nuclear Energy (NASDAQ:NNE) Shares Down 6.2% – What’s Next?

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price dropped 6.2% during mid-day trading on Wednesday . The stock traded as low as $29.86 and last traded at $29.7880. Approximately 394,932 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 3,589,733 shares. The stock had previously closed at $31.75.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BTIG Research began coverage on Nano Nuclear Energy in a research report on Thursday, August 28th. They set a “neutral” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Wednesday, October 8th. Finally, Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Nano Nuclear Energy Stock Down 4.7%

The firm has a market capitalization of $1.53 billion, a P/E ratio of -29.01 and a beta of 7.17. The company has a fifty day simple moving average of $37.24 and a 200 day simple moving average of $36.91.

Nano Nuclear Energy (NASDAQ:NNE) last posted its quarterly earnings results on Thursday, December 18th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.14. As a group, equities 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 NNE. Van ECK Associates Corp lifted its holdings in Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock valued at $100,190,000 after acquiring an additional 1,030,262 shares during the period. Vanguard Group Inc. grew its stake in shares of Nano Nuclear Energy by 40.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company’s stock valued at $68,547,000 after purchasing an additional 516,129 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Nano Nuclear Energy by 11,676.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock valued at $66,564,000 after purchasing an additional 1,711,592 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Nano Nuclear Energy in the 2nd quarter worth approximately $31,935,000. Finally, Geode Capital Management LLC lifted its stake in shares of Nano Nuclear Energy by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 349,104 shares of the company’s stock worth $12,039,000 after purchasing an additional 20,899 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.