Nano Nuclear Energy (NASDAQ:NNE) Shares Down 5.4% - Time to Sell?

Nano Nuclear Energy Inc. (NASDAQ:NNE) saw its stock price drop by 5.4% on Thursday, trading as low as $19.11 and ending the day at $19.25. During mid-day trading, about 1,394,938 shares exchanged hands, marking a 53% decline from the stock's typical daily volume of 2,976,798 shares. Previously, the stock had closed at $20.34.

Wall Street Analysts Forecast Growth

Recently, Nano Nuclear Energy has been receiving attention from analysts. HC Wainwright introduced a coverage report on the company on Wednesday, giving it a "buy" rating along with a $50.00 price target. Additionally, Benchmark reaffirmed a "buy" rating with a price target of $39.00 in a report released on July 15.

Nano Nuclear Energy Price Performance

The stock has shown a 50-day moving average price of $14.76. In terms of earnings, Nano Nuclear Energy disclosed its quarterly results on August 14, reporting an earnings per share (EPS) of ($0.17) for the quarter.

Institutional Investors Weigh In On Nano Nuclear Energy

According to the latest disclosures with the Securities and Exchange Commission, Commonwealth Equity Services LLC made a fresh investment in Nano Nuclear Energy during the second quarter, acquiring approximately 10,665 shares, which totaled around $250,000.

Nano Nuclear Energy Company Profile

NANO Nuclear Energy Inc. specializes in microreactor technology. The company is working on developing two main projects: ZEUS, a solid-core battery reactor and ODIN, a low-pressure coolant reactor. Furthermore, it is establishing a high-assay low-enriched uranium fabrication facility to support the nuclear reactor industry.

Investment Considerations

Before deciding to invest in Nano Nuclear Energy, it's important to take note of current advice from analysts. Despite a "buy" rating for NNE, some top analysts are focusing on other stocks that they view as more favorable investments at this time.

stocks, market, investment