Nano Nuclear Energy (NASDAQ:NNE) Shares Down 1.8% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price dropped 1.8% on Wednesday . The company traded as low as $20.51 and last traded at $20.75. Approximately 2,252,709 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 2,321,220 shares. The stock had previously closed at $21.14.

Wall Street Analysts Forecast Growth

NNE has been the topic of a number of analyst reports. Wall Street Zen raised Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 24th. Roth Mkm initiated coverage on Nano Nuclear Energy in a report on Wednesday, June 17th. They issued a “buy” rating and a $45.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Finally, Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Two equities research 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 given a Sell rating to the stock. According to MarketBeat.com, Nano Nuclear Energy has an average rating of “Moderate Buy” and an average target price of $46.50.

Nano Nuclear Energy Stock Performance

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -29.03 and a beta of 5.27. The stock’s 50-day simple moving average is $25.18 and its two-hundred day simple moving average is $26.28.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.08. As a group, research analysts predict that Nano Nuclear Energy Inc. will post -0.95 earnings per share for the current year.

Insider Activity

In other Nano Nuclear Energy news, major shareholder I Financial Ventures Group Llc sold 700,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.68, for a total value of $18,676,000.00. Following the sale, the insider 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 transaction was disclosed in a filing with the SEC, which is available through this link. 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 stock was sold at an average price of $24.95, for a total value of $74,850.00. Following the transaction, the chief technology officer owned 6,185 shares of the company’s stock, valued at approximately $154,315.75. This trade represents a 32.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 over the last 90 days. Company insiders own 32.77% of the company’s stock.

Hedge Funds Weigh In On Nano Nuclear Energy

Large investors have recently bought and sold shares of the stock. Harbour Investments Inc. grew its position in Nano Nuclear Energy by 275.7% in the 4th quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock worth $28,000 after purchasing an additional 863 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in 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 in the last quarter. Ascentis Independent Advisors bought a new position in shares of Nano Nuclear Energy during the 1st quarter worth about $36,000. US Bancorp DE lifted its holdings 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 worth $45,000 after acquiring an additional 400 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nano Nuclear Energy during the 3rd quarter valued at about $48,000.

Nano Nuclear Energy Company Profile

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.