Nano Nuclear Energy (NASDAQ:NNE) Shares Down 3.2% - Here's What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE) saw its shares dip by 3.2% during trading on Tuesday, falling to a low of $32.64. The stock was last seen at $32.20. During this trading session, 3,376,737 shares changed hands, marking a significant 51% decrease from the average daily volume of 6,939,480 shares. The previous closing price stood at $33.26.

Recent Analyst Opinions

Several analysts have recently weighed in on Nano Nuclear Energy. HC Wainwright affirmed a "buy" rating on the company’s stock and set a price target of $50.00. Additionally, Benchmark raised their price target from $39.00 to $66.00 while also assigning a "buy" rating in a report dated November 7th.

Performance Overview

The fifty-day moving average for Nano Nuclear Energy is $27.62, with a 200-day moving average at $19.55. The company released its quarterly earnings report on December 30th, announcing earnings per share of ($0.08), which is better than the consensus estimate of ($0.16) by $0.08. Analysts predict that the company will report an annual EPS of -0.92.

Institutional Investment Activity

Recent activity from institutional investors reflects growing interest in Nano Nuclear Energy. Canal Insurance CO picked up new shares valued at $622,000 in the fourth quarter. Meanwhile, State Street Corp acquired a new stake worth approximately $718,000 during the third quarter, and Virtu Financial LLC invested around $933,000 in the same period. Geode Capital Management LLC also made a new investment valued at about $954,000 during the third quarter. Additionally, Citizens Financial Group Inc. RI increased its stake in the company by an impressive 747.7%, owning 729,000 shares worth approximately $10,505,000 after acquiring an additional 643,000 shares last quarter.

About Nano Nuclear Energy

Nano Nuclear Energy, Inc is engaged in the development of microreactors and nuclear technologies, focusing on energy supply. Key products in development include ZEUS, a solid core battery reactor, and ODIN, designed as a low-pressure coolant reactor. Founded by Jiang Yu in February 2022, the company is based in New York, NY.

Investment Perspective

Potential investors are encouraged to consider financial analyst recommendations carefully. While Nano Nuclear Energy currently holds a "buy" rating, there are several other stocks highly regarded by top analysts that may offer better prospects. It may be wise to explore these options before investing significantly in Nano Nuclear Energy.

Energy, Stocks, Investment