Nano Nuclear Energy (NASDAQ:NNE) Hits New 1-Year Low – Time to Sell?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) hit a new 52-week low during trading on Friday. The stock traded as low as $11.53 and last traded at $11.4690, with a volume of 42,200 shares changing hands. The stock had previously closed at $12.21.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Susquehanna set a $39.00 target price on shares of Nano Nuclear Energy in a research note on Thursday, October 1st. Needham & Company LLC initiated coverage on shares of Nano Nuclear Energy in a research report on Monday, September 21st. They set a “buy” rating and a $33.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Thursday, October 15th. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.71.

Nano Nuclear Energy Trading Down 5.6%

The company has a market cap of $618.98 million, a price-to-earnings ratio of -16.65 and a beta of 5.49. The company’s 50 day moving average price is $15.89 and its 200 day moving average price is $21.92.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.07. The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $0.50 million. Sell-side analysts predict that Nano Nuclear Energy Inc. will post -0.80 earnings per share for the current year.

Insider Buying and Selling at Nano Nuclear Energy

In other Nano Nuclear Energy news, CEO James Walker sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $17.77, for a total transaction of $444,250.00. Following the transaction, the chief executive officer owned 635,000 shares in the company, valued at $11,283,950. The trade was a 3.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 18.61% of the company’s stock.

Institutional Investors Weigh In On Nano Nuclear Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its position in shares of Nano Nuclear Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 3,819,847 shares of the company’s stock worth $80,752,000 after purchasing an additional 810,022 shares during the last quarter. BlackRock Inc. bought a new position in Nano Nuclear Energy in the 2nd quarter valued at about $73,826,000. Lido Advisors LLC raised its holdings in Nano Nuclear Energy by 1,769.6% during the first quarter. Lido Advisors LLC now owns 171,932 shares of the company’s stock worth $3,521,000 after purchasing an additional 162,736 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Nano Nuclear Energy in the second quarter worth about $2,814,000. Finally, Cetera Investment Advisers boosted its stake in shares of Nano Nuclear Energy by 7.0% during the 1st quarter. Cetera Investment Advisers now owns 109,000 shares of the company’s stock worth $2,232,000 after acquiring an additional 7,166 shares in the last quarter.

About Nano Nuclear Energy

Nano Nuclear Energy Inc is a development-stage nuclear technology company focused on providing portable, scalable, and carbon-free energy solutions. The company is developing advanced microreactor technologies intended to serve applications that may be difficult or costly to support with conventional power infrastructure, including remote communities, industrial operations, data centers, and defense-related facilities.

Its reactor portfolio includes the ZEUS solid-core battery reactor and the ODIN low-pressure coolant reactor.