Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 8.6% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price traded up 8.6% during mid-day trading on Friday . The company traded as high as $35.55 and last traded at $36.2520. 723,369 shares were traded during trading, a decline of 64% from the average session volume of 2,008,639 shares. The stock had previously closed at $33.38.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Wednesday, October 8th. Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, December 19th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Nano Nuclear Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Nano Nuclear Energy Stock Up 6.9%

The stock’s 50-day moving average price is $32.12 and its 200 day moving average price is $36.34. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -34.30 and a beta of 7.48.

Nano Nuclear Energy (NASDAQ:NNE) last released its earnings results on Thursday, December 18th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.14. On average, research analysts predict that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director Tsun Yee Law sold 55,000 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $32.43, for a total value of $1,783,650.00. Following the completion of the transaction, the director directly owned 75,000 shares of the company’s stock, valued at $2,432,250. This trade represents a 42.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Jiang Yu sold 378,474 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $30.14, for a total transaction of $11,407,206.36. Following the completion of the sale, the chairman directly owned 9,621,526 shares in the company, valued at $289,992,793.64. This trade represents a 3.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,936,000 shares of company stock valued at $56,375,077 in the last ninety days. 32.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock valued at $100,190,000 after acquiring an additional 1,030,262 shares during the period. Vanguard Group Inc. boosted its stake in shares of Nano Nuclear Energy by 40.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company’s stock valued at $68,547,000 after purchasing an additional 516,129 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Nano Nuclear Energy by 11,676.8% in 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 purchasing an additional 1,711,592 shares during the last quarter. Hood River Capital Management LLC bought a new stake in shares of Nano Nuclear Energy in the 2nd quarter worth about $31,935,000. Finally, Geode Capital Management LLC increased its position in shares of Nano Nuclear Energy by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 349,104 shares of the company’s stock worth $12,039,000 after purchasing an additional 20,899 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.