Nano Nuclear Energy (NASDAQ:NNE) Shares Down 7.7% – What’s Next?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 7.7% during mid-day trading on Friday . The company traded as low as $15.71 and last traded at $15.58. 1,138,859 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,295,657 shares. The stock had previously closed at $16.88.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NNE. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Friday, July 17th. 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 price objective for the company. Truist Financial started coverage on Nano Nuclear Energy in a research report on Monday, July 13th. They issued a “hold” rating and a $22.00 target price on the stock. Wall Street Zen lowered Nano Nuclear Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. Finally, Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Nano Nuclear Energy Stock Performance

The firm has a 50 day moving average price of $22.63 and a 200-day moving average price of $25.04. The company has a market cap of $811.93 million, a P/E ratio of -22.59 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE) last posted its earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. On average, sell-side analysts forecast that Nano Nuclear Energy Inc. will post -0.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nano Nuclear Energy news, CEO James John Walker sold 123,688 shares of Nano Nuclear Energy stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.49, for a total value of $3,276,495.12. Following the transaction, the chief executive officer directly owned 555,000 shares of the company’s stock, valued at $14,701,950. The trade was a 18.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Jiang Yu sold 700,000 shares of the company’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 transaction, the chairman owned 8,224,000 shares of the company’s stock, valued at approximately $219,416,320. This trade represents a 7.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,616,981 shares of company stock valued at $43,096,346 in the last ninety days. Company insiders own 32.77% of the company’s stock.

Institutional Investors Weigh In On Nano Nuclear Energy

Hedge funds have recently made changes to their positions in the stock. Harbour Investments Inc. grew its position in Nano Nuclear Energy by 275.7% during the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock worth $28,000 after buying an additional 863 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Nano Nuclear Energy by 165.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,339 shares of the company’s stock valued at $32,000 after acquiring an additional 835 shares in the last quarter. Ascentis Independent Advisors acquired a new position in Nano Nuclear Energy in the 1st quarter valued at approximately $36,000. US Bancorp DE lifted its position in shares of Nano Nuclear Energy by 51.9% in 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 bought a new stake in shares of Nano Nuclear Energy in the 3rd quarter worth approximately $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.