Nano Nuclear Energy (NASDAQ:NNE) Trading Down 3.5% – Here’s What Happened

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) fell 3.5% on Thursday . The company traded as low as $19.65 and last traded at $20.03. 3,082,305 shares traded hands during mid-day trading, an increase of 32% from the average session volume of 2,327,359 shares. The stock had previously closed at $20.75.

Wall Street Analyst Weigh In

NNE has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Wall Street Zen raised 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 began coverage on shares of Nano Nuclear Energy in a research report on Wednesday, June 17th. They set a “buy” rating and a $45.00 price target for the company. Two analysts have 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.50.

Nano Nuclear Energy Stock Performance

The firm has a 50-day simple moving average of $25.03 and a two-hundred day simple moving average of $26.24. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -29.03 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. Equities research analysts anticipate that Nano Nuclear Energy Inc. will post -0.95 EPS for the current year.

Insider Activity

In other news, Chairman Jiang Yu sold 700,000 shares of the firm’s stock in a transaction that occurred 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of Nano Nuclear Energy stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 345,000 shares of the company’s stock, valued at approximately $9,135,600. This trade represents a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,616,981 shares of company stock valued at $43,096,346 over the last 90 days. Company insiders own 32.77% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NNE. SBI Securities Co. Ltd. increased its holdings in Nano Nuclear Energy by 9.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 4,369 shares of the company’s stock valued at $105,000 after buying an additional 381 shares in the last quarter. US Bancorp DE grew its position in shares of Nano Nuclear Energy by 51.9% during the 3rd quarter. US Bancorp DE now owns 1,171 shares of the company’s stock valued at $45,000 after acquiring an additional 400 shares during the period. Swiss National Bank grew its position in shares of Nano Nuclear Energy by 1.2% during the 3rd quarter. Swiss National Bank now owns 60,300 shares of the company’s stock valued at $2,325,000 after acquiring an additional 700 shares during the period. Pine Valley Investments Ltd Liability Co increased its stake 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 valued at $211,000 after purchasing an additional 720 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Nano Nuclear Energy by 4.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company’s stock valued at $390,000 after purchasing an additional 793 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.