Nano Nuclear Energy (NASDAQ:NNE) Shares Up 7.3% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE) shot up 7.3% during trading on Monday . The company traded as high as $21.65 and last traded at $21.32. 2,702,300 shares were traded during trading, an increase of 16% from the average daily volume of 2,323,383 shares. The stock had previously closed at $19.87.

Wall Street Analyst Weigh In

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

Nano Nuclear Energy Stock Performance

The company has a 50-day moving average of $25.51 and a 200-day moving average of $26.73. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -30.90 and a beta of 5.06.

Nano Nuclear Energy (NASDAQ:NNE) last posted 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. As a group, analysts anticipate that Nano Nuclear Energy Inc. will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on Wednesday, June 3rd. The shares were sold at an average price of $26.48, for a total transaction of $985,453.20. Following the completion of the sale, the chief financial officer directly owned 345,000 shares in the company, valued at $9,135,600. This represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,616,981 shares of company stock valued at $43,096,346. 32.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Large investors have recently added to or reduced their stakes in the company. Harbour Investments Inc. raised its stake in shares of Nano Nuclear Energy by 275.7% in the 4th quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock valued at $28,000 after purchasing an additional 863 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Nano Nuclear Energy by 165.7% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,339 shares of the company’s stock worth $32,000 after buying an additional 835 shares during the period. Ascentis Independent Advisors acquired a new position in shares of Nano Nuclear Energy during the first quarter worth about $36,000. US Bancorp DE grew its holdings in shares of Nano Nuclear Energy by 51.9% during the third quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after buying an additional 400 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Nano Nuclear Energy during the third quarter worth about $48,000.

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.