Nano Nuclear Energy (NASDAQ:NNE) Shares Gap Up – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $15.59, but opened at $16.60. Nano Nuclear Energy shares last traded at $17.34, with a volume of 512,673 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have commented on NNE shares. Wall Street Zen cut Nano Nuclear Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 18th. Alliance Global Partners began coverage on Nano Nuclear Energy in a research note on Monday. They issued a “buy” rating and a $46.00 target price for the company. Truist Financial initiated coverage on Nano Nuclear Energy in a report on Monday, July 13th. They set a “hold” rating and a $22.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Friday, July 17th. Finally, Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Nano Nuclear Energy has an average rating of “Moderate Buy” and a consensus price target of $40.75.

Nano Nuclear Energy Stock Up 5.2%

The firm’s 50 day moving average price is $22.63 and its two-hundred day moving average price is $25.00. The firm has a market capitalization of $853.90 million, a PE ratio of -23.85 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.08. On average, sell-side analysts anticipate that Nano Nuclear Energy Inc. will post -0.93 earnings per share for the current fiscal year.

Insider Activity at Nano Nuclear Energy

In related news, major shareholder I Financial Ventures Group Llc sold 700,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $26.68, for a total value of $18,676,000.00. Following the transaction, the insider owned 8,224,000 shares in the company, valued at approximately $219,416,320. The trade was a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $26.48, for a total value of $985,453.20. Following the completion of the transaction, the chief financial officer owned 345,000 shares in the company, valued at approximately $9,135,600. This trade represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,616,981 shares of company stock valued at $43,096,346. 32.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nano Nuclear Energy

Several hedge funds and other institutional investors have recently bought and sold shares of NNE. Royal Bank of Canada increased its holdings in Nano Nuclear Energy by 185.2% during the 1st quarter. Royal Bank of Canada now owns 21,143 shares of the company’s stock worth $560,000 after purchasing an additional 13,730 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Nano Nuclear Energy during the 1st quarter valued at approximately $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Nano Nuclear Energy by 535.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,547 shares of the company’s stock valued at $385,000 after buying an additional 12,256 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Nano Nuclear Energy by 385.8% during the first quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after buying an additional 1,520 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of Nano Nuclear Energy during the second quarter worth approximately $316,000.

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.