Nano Nuclear Energy (NASDAQ:NNE) Trading Down 5.8% – Should You Sell?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) were down 5.8% on Friday . The company traded as low as $16.17 and last traded at $15.99. 324,542 shares changed hands during trading, a decline of 85% from the average daily volume of 2,189,379 shares. The stock had previously closed at $16.97.

Analyst Ratings Changes

Several research firms have commented on NNE. Truist Financial began coverage on Nano Nuclear Energy in a research report on Monday, July 13th. They issued a “hold” rating and a $22.00 target price for the company. New Street Research set a $45.00 price objective on Nano Nuclear Energy in a research note on Thursday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Friday, July 17th. Northland Securities set a $37.00 target price on shares of Nano Nuclear Energy in a research report on Friday, August 14th. Finally, Alliance Global Partners began coverage on shares of Nano Nuclear Energy in a research report on Monday, July 27th. They issued a “buy” rating and a $46.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Nano Nuclear Energy Price Performance

The company’s 50-day moving average price is $17.71 and its two-hundred day moving average price is $21.70. The company has a market capitalization of $848.67 million, a price-to-earnings ratio of -22.92 and a beta of 5.41.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $0.50 million. On average, equities research analysts expect that Nano Nuclear Energy Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity at Nano Nuclear Energy

In other news, CEO James Walker sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $17.77, for a total value of $444,250.00. Following the completion of the transaction, the chief executive officer directly owned 635,000 shares of the company’s stock, valued at $11,283,950. This represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 18.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Pine Valley Investments Ltd Liability Co grew its stake in shares of Nano Nuclear Energy by 7.5% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 10,320 shares of the company’s stock worth $211,000 after purchasing an additional 720 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Nano Nuclear Energy by 4.3% in the first quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company’s stock worth $390,000 after acquiring an additional 793 shares during the period. Harbour Investments Inc. boosted its holdings in Nano Nuclear Energy by 275.7% in the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock valued at $28,000 after acquiring an additional 863 shares in the last quarter. Leonteq Securities AG increased its position in Nano Nuclear Energy by 15.4% during the 1st quarter. Leonteq Securities AG now owns 7,504 shares of the company’s stock valued at $154,000 after purchasing an additional 1,004 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Nano Nuclear Energy by 12.5% in the 4th quarter. IFP Advisors Inc now owns 9,384 shares of the company’s stock worth $225,000 after purchasing an additional 1,042 shares during the period.

Nano Nuclear Energy Company Profile

NANO Nuclear Energy Inc is an advanced nuclear energy company focused on developing portable microreactors and related nuclear fuel and transportation capabilities. The company is pursuing reactor systems designed to provide reliable, carbon-free power for applications that may be difficult or costly to serve with traditional grid infrastructure.

Its product development portfolio includes the ZEUS solid-core battery reactor and the ODIN low-pressure coolant reactor. The company is also developing the KRONOS micro modular reactor, while pursuing capabilities related to nuclear fuel fabrication, transportation and other supporting services.