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 $19.87, but opened at $21.05. Nano Nuclear Energy shares last traded at $20.83, with a volume of 633,330 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NNE. Roth Mkm began coverage on Nano Nuclear Energy in a research report on Wednesday, June 17th. They set a “buy” rating and a $45.00 price objective on the stock. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 24th. Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Nano Nuclear Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.50.

Nano Nuclear Energy Stock Performance

The company has a market cap of $1.09 billion, a price-to-earnings ratio of -30.39 and a beta of 5.06. The firm’s 50 day simple moving average is $25.51 and its 200-day simple moving average is $26.73.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings data 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 related news, CTO Florent Heidet sold 3,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.95, for a total transaction of $74,850.00. Following the completion of the transaction, the chief technology officer owned 6,185 shares in the company, valued at approximately $154,315.75. The trade was a 32.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder I Financial Ventures Group Llc sold 700,000 shares of the firm’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 sale, the insider directly owned 8,224,000 shares in the company, valued at $219,416,320. This trade represents a 7.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,616,981 shares of company stock worth $43,096,346. 32.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Several institutional investors have recently added to or reduced their stakes in NNE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Nano Nuclear Energy by 11,676.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock valued at $66,564,000 after purchasing an additional 1,711,592 shares during the period. Weiss Asset Management LP purchased a new stake in shares of Nano Nuclear Energy during the 4th quarter worth $38,224,000. Ghisallo Capital Management LLC purchased a new position in shares of Nano Nuclear Energy in the 4th quarter valued at about $38,224,000. Van ECK Associates Corp lifted its stake in shares of Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock valued at $100,190,000 after purchasing an additional 1,030,262 shares during the period. Finally, Regal Partners Ltd purchased a new stake in shares of Nano Nuclear Energy during the 4th quarter worth approximately $23,535,000.

Nano Nuclear Energy Company Profile

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.