Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.5% – What’s Next?

Nano Nuclear Energy Inc. (NASDAQ:NNE) traded down 3.5% during mid-day trading on Thursday . The company traded as low as $19.65 and last traded at $20.03. 3,082,305 shares were traded during trading, an increase of 32% from the average daily volume of 2,327,359 shares. The stock had previously closed at $20.75.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Wall Street Zen raised Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 24th. Finally, Roth Mkm initiated coverage on Nano Nuclear Energy in a research note on Wednesday, June 17th. They set a “buy” rating and a $45.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, four have issued 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $46.50.

Nano Nuclear Energy Price Performance

The firm’s 50 day simple moving average is $25.25 and its 200-day simple moving average is $26.39. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -29.03 and a beta of 5.05.

Nano Nuclear Energy (NASDAQ:NNE) last posted its earnings results on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08. On average, analysts forecast that Nano Nuclear Energy Inc. will post -0.95 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Jiang Yu sold 700,000 shares of Nano Nuclear Energy stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total value of $18,676,000.00. Following the transaction, the chairman directly owned 8,224,000 shares of the company’s stock, valued at $219,416,320. The trade was a 7.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Seth Jason Berl sold 3,750 shares of Nano Nuclear Energy stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.92, for a total transaction of $93,450.00. Following the completion of the transaction, the director directly owned 7,586 shares in the company, valued at $189,043.12. The trade was a 33.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,616,981 shares of company stock valued at $43,096,346 in the last 90 days. Company insiders own 32.77% of the company’s stock.

Institutional Investors Weigh In On Nano Nuclear Energy

A number of institutional investors and hedge funds have recently made changes to their positions in NNE. Pacer Advisors Inc. grew its holdings in shares of Nano Nuclear Energy by 29.9% during the first quarter. Pacer Advisors Inc. now owns 101,974 shares of the company’s stock worth $2,088,000 after buying an additional 23,484 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in Nano Nuclear Energy by 7.5% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 10,320 shares of the company’s stock valued at $211,000 after acquiring an additional 720 shares during the period. Axiom Investment Management LLC purchased a new stake in Nano Nuclear Energy during the 1st quarter valued at approximately $246,000. The Manufacturers Life Insurance Company raised its stake in Nano Nuclear Energy by 4.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company’s stock valued at $390,000 after acquiring an additional 793 shares during the last quarter. Finally, Themes Management Co LLC lifted its position in Nano Nuclear Energy by 102.8% during the 1st quarter. Themes Management Co LLC now owns 24,449 shares of the company’s stock worth $501,000 after acquiring an additional 12,396 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.