Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 6.5% – What’s Next?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) fell 6.5% during trading on Tuesday . The company traded as low as $18.08 and last traded at $18.88. 2,886,487 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 2,329,654 shares. The stock had previously closed at $20.19.

Analyst Ratings Changes

A number of equities 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. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research note on Friday, June 26th. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 24th. Finally, Roth Capital initiated coverage on Nano Nuclear Energy in a research report on Wednesday, June 17th. They set a “buy” rating and a $45.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.67.

Nano Nuclear Energy Stock Performance

The company’s fifty day simple moving average is $25.03 and its 200-day simple moving average is $26.20. The company has a market capitalization of $983.27 million, a P/E ratio of -27.36 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.08. On average, sell-side analysts predict that Nano Nuclear Energy Inc. will post -0.95 EPS for the current year.

Insider Activity at Nano Nuclear Energy

In other Nano Nuclear Energy news, CFO Jaisun Garcha sold 37,215 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Seth Jason Berl sold 3,750 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.92, for a total value of $93,450.00. Following the sale, the director directly owned 7,586 shares in the company, valued at $189,043.12. This trade represents a 33.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,616,981 shares of company stock valued at $43,096,346 over the last quarter. 32.77% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its position in shares of Nano Nuclear Energy by 29.9% during the first quarter. Pacer Advisors Inc. now owns 101,974 shares of the company’s stock worth $2,088,000 after purchasing an additional 23,484 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its position in shares of Nano Nuclear Energy by 7.5% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 10,320 shares of the company’s stock worth $211,000 after purchasing an additional 720 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Nano Nuclear Energy during the 1st quarter worth $246,000. The Manufacturers Life Insurance Company grew its stake in Nano Nuclear Energy by 4.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company’s stock worth $390,000 after buying an additional 793 shares during the last quarter. Finally, Themes Management Co LLC increased its position in Nano Nuclear Energy by 102.8% during the 1st quarter. Themes Management Co LLC now owns 24,449 shares of the company’s stock valued at $501,000 after buying an additional 12,396 shares in the last quarter.

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.