Nano Nuclear Energy (NASDAQ:NNE) Trading Up 7.3% – Still a Buy?

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares shot up 7.3% during mid-day trading on Monday . The company traded as high as $21.65 and last traded at $21.32. Approximately 2,702,300 shares were traded during mid-day trading, an increase of 16% from the average session volume of 2,323,383 shares. The stock had previously closed at $19.87.

Analysts Set New Price Targets

NNE has been the topic of several research reports. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Finally, Roth Mkm started coverage on Nano Nuclear Energy in a report on Wednesday, June 17th. They issued a “buy” rating and a $45.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Nano Nuclear Energy currently has an average rating of “Moderate Buy” and an average target price of $46.50.

Nano Nuclear Energy Price Performance

The firm has a market capitalization of $1.08 billion, a P/E ratio of -30.07 and a beta of 5.05. The stock has a fifty day simple moving average of $25.35 and a two-hundred day simple moving average of $26.52.

Nano Nuclear Energy (NASDAQ:NNE) last released its earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. As a group, sell-side analysts expect that Nano Nuclear Energy Inc. will post -0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nano Nuclear Energy news, CEO James John Walker sold 123,688 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.49, for a total value of $3,276,495.12. Following the completion of the sale, the chief executive officer owned 555,000 shares of the company’s stock, valued at approximately $14,701,950. This trade represents a 18.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of Nano Nuclear Energy stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.48, for a total transaction of $985,453.20. Following the completion of the sale, the chief financial officer directly owned 345,000 shares of the company’s stock, valued at approximately $9,135,600. The trade was a 9.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,616,981 shares of company stock valued at $43,096,346. 32.77% of the stock is currently owned by corporate insiders.

Institutional Trading of Nano Nuclear Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNE. Van ECK Associates Corp grew its holdings in Nano Nuclear Energy by 24.7% during the fourth quarter. Van ECK Associates Corp now owns 3,241,350 shares of the company’s stock worth $77,825,000 after buying an additional 643,070 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Nano Nuclear Energy by 27.4% during the fourth quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company’s stock valued at $54,360,000 after purchasing an additional 486,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Nano Nuclear Energy by 11,676.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock worth $66,564,000 after purchasing an additional 1,711,592 shares during the last quarter. Weiss Asset Management LP purchased a new stake in Nano Nuclear Energy in the 4th quarter valued at about $38,224,000. Finally, Ghisallo Capital Management LLC purchased a new stake in Nano Nuclear Energy in the 4th quarter valued at about $38,224,000.

About Nano Nuclear Energy

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.