Nano Nuclear Energy (NASDAQ:NNE) Hits New 1-Year Low – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $18.34 and last traded at $18.4390, with a volume of 763640 shares changing hands. The stock had previously closed at $20.19.

Analysts Set New Price Targets

A number of brokerages have recently commented on NNE. Wall Street Zen raised shares of Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 24th. Roth Capital initiated coverage on shares of Nano Nuclear Energy in a research report on Wednesday, June 17th. They issued a “buy” rating and a $45.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Finally, Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.67.

Nano Nuclear Energy Stock Performance

The company has a market cap of $968.95 million, a P/E ratio of -27.08 and a beta of 5.27. The stock has a 50-day simple moving average of $25.03 and a 200 day simple moving average of $26.20.

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

Insiders Place Their Bets

In other news, Chairman Jiang Yu 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 transaction of $18,676,000.00. Following the sale, the chairman owned 8,224,000 shares of the company’s stock, valued at $219,416,320. This trade represents a 7.84% decrease in their ownership of the stock. The transaction 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. Also, Director Seth Jason Berl sold 3,750 shares of the firm’s stock in a transaction that occurred 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 directly owned 7,586 shares of the company’s stock, valued at $189,043.12. This represents a 33.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 over the last 90 days. 32.77% of the stock is currently owned by corporate insiders.

Institutional Trading of Nano Nuclear Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp grew its holdings in shares of 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 purchasing an additional 643,070 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nano Nuclear Energy by 27.4% in the fourth quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company’s stock worth $54,360,000 after purchasing an additional 486,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Nano Nuclear Energy by 11,676.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock worth $66,564,000 after buying an additional 1,711,592 shares during the period. Weiss Asset Management LP bought a new position in Nano Nuclear Energy during the fourth quarter worth $38,224,000. Finally, Ghisallo Capital Management LLC acquired a new position in Nano Nuclear Energy during the 4th quarter worth approximately $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.