Nano Nuclear Energy (NASDAQ:NNE) Shares Gap Up on Analyst Upgrade

Nano Nuclear Energy Inc. (NASDAQ:NNE) gapped up before the market opened on Monday after Wall Street Zen upgraded the stock from a strong sell rating to a sell rating. The stock had previously closed at $23.56, but opened at $26.30. Nano Nuclear Energy shares last traded at $25.09, with a volume of 1,243,501 shares trading hands.

A number of other research analysts also recently weighed in on NNE. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nano Nuclear Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Insider Activity

In related news, CFO Jaisun Garcha sold 37,215 shares of the business’s 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 completion of the sale, the chief financial officer directly owned 345,000 shares in the company, valued at approximately $9,135,600. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Florent Heidet sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $24.95, for a total transaction of $74,850.00. Following the sale, the chief technology officer directly owned 6,185 shares of the company’s stock, valued at approximately $154,315.75. This represents a 32.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,616,981 shares of company stock worth $43,096,346. Company insiders own 32.77% of the company’s stock.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of institutional investors have recently bought and sold shares of NNE. Harbour Investments Inc. grew its holdings in Nano Nuclear Energy by 275.7% during the fourth 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. raised its stake in shares of Nano Nuclear Energy by 165.7% in 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 purchased a new position in shares of Nano Nuclear Energy during the 1st quarter valued at about $36,000. US Bancorp DE lifted 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 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 3rd quarter valued at approximately $48,000.

Nano Nuclear Energy Trading Up 6.5%

The stock has a 50 day moving average of $24.65 and a 200-day moving average of $27.59. The company has a market capitalization of $1.31 billion, a P/E ratio of -36.42 and a beta of 5.05.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.08. As a group, sell-side analysts expect that Nano Nuclear Energy Inc. will post -1.02 EPS for the current fiscal year.

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.