Nano Nuclear Energy (NASDAQ:NNE) Reaches New 52-Week Low – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price reached a new 52-week low on Thursday. The stock traded as low as $9.98 and last traded at $9.7220, with a volume of 236,559 shares trading hands. The stock had previously closed at $10.95.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NNE shares. Needham & Company LLC initiated coverage on Nano Nuclear Energy in a research report on Monday, September 21st. They set a “buy” rating and a $33.00 price objective for the company. Northland Securities set a $37.00 target price on shares of Nano Nuclear Energy in a research report on Friday, August 14th. Alliance Global Partners started coverage on shares of Nano Nuclear Energy in a research note on Monday, July 27th. They set a “buy” rating and a $46.00 target price for the company. Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a research note on Thursday, August 13th. Finally, Truist Financial dropped their price target on shares of Nano Nuclear Energy from $22.00 to $19.00 and set a “hold” rating for the company in a research report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Nano Nuclear Energy presently has a consensus rating of “Moderate Buy” and an average target price of $35.25.

Nano Nuclear Energy Stock Down 12.9%

The company has a fifty day moving average of $15.30 and a two-hundred day moving average of $21.47. The stock has a market capitalization of $512.06 million, a price-to-earnings ratio of -13.85 and a beta of 5.66.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.07. The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $0.50 million. Equities analysts anticipate that Nano Nuclear Energy Inc. will post -0.80 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nano Nuclear Energy news, CEO James Walker sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $17.77, for a total value of $444,250.00. Following the transaction, the chief executive officer directly owned 635,000 shares of the company’s stock, valued at $11,283,950. This trade represents a 3.79% 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. Insiders own 18.61% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its holdings in shares of Nano Nuclear Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 3,819,847 shares of the company’s stock worth $80,752,000 after buying an additional 810,022 shares during the last quarter. BlackRock Inc. bought a new position in Nano Nuclear Energy during the second quarter worth $73,826,000. Lido Advisors LLC increased its position in Nano Nuclear Energy by 1,769.6% during the first quarter. Lido Advisors LLC now owns 171,932 shares of the company’s stock worth $3,521,000 after acquiring an additional 162,736 shares during the period. Bank of New York Mellon Corp acquired a new position in Nano Nuclear Energy during the 2nd quarter valued at $2,814,000. Finally, Cetera Investment Advisers boosted its holdings in Nano Nuclear Energy by 7.0% in the 1st quarter. Cetera Investment Advisers now owns 109,000 shares of the company’s stock valued at $2,232,000 after purchasing an additional 7,166 shares during the period.

About Nano Nuclear Energy

Nano Nuclear Energy Inc is a development-stage nuclear technology company focused on providing portable, scalable, and carbon-free energy solutions. The company is developing advanced microreactor technologies intended to serve applications that may be difficult or costly to support with conventional power infrastructure, including remote communities, industrial operations, data centers, and defense-related facilities.

Its reactor portfolio includes the ZEUS solid-core battery reactor and the ODIN low-pressure coolant reactor.