Nano Nuclear Energy (NASDAQ:NNE) Shares Down 9.1% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 9.1% during trading on Tuesday . The company traded as low as $24.01 and last traded at $23.4930. Approximately 1,340,178 shares traded hands during trading, a decline of 39% from the average daily volume of 2,192,996 shares. The stock had previously closed at $25.85.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Wall Street Zen raised Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research report on Monday. Finally, Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Nano Nuclear Energy Stock Down 8.5%

The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -34.29 and a beta of 5.06. The company’s 50-day moving average price is $24.74 and its 200-day moving average price is $27.55.

Nano Nuclear Energy (NASDAQ:NNE) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08. On average, sell-side analysts predict that Nano Nuclear Energy Inc. will post -1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Nano Nuclear Energy

In other news, major shareholder I Financial Ventures Group Llc sold 700,000 shares of the firm’s 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 sale, the insider directly owned 8,224,000 shares in the company, valued at approximately $219,416,320. This trade represents a 7.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.92, for a total transaction of $93,450.00. Following the transaction, the director owned 7,586 shares of the company’s stock, valued at approximately $189,043.12. The trade was a 33.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,616,981 shares of company stock valued at $43,096,346. 32.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Nano Nuclear Energy by 185.2% during the first 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 acquired a new stake in Nano Nuclear Energy during the first quarter worth approximately $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Nano Nuclear Energy by 535.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,547 shares of the company’s stock worth $385,000 after purchasing an additional 12,256 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Nano Nuclear Energy by 385.8% during the 1st quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after buying an additional 1,520 shares during the last quarter. Finally, Creative Planning purchased a new stake in shares of Nano Nuclear Energy during the 2nd 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.