Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 4.3% – Time to Sell?

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price was down 4.3% during mid-day trading on Tuesday . The company traded as low as $23.91 and last traded at $24.01. Approximately 1,732,217 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 2,226,429 shares. The stock had previously closed at $25.08.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NNE shares. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a research note on Wednesday, May 27th. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, June 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Nano Nuclear Energy Stock Performance

The company has a market cap of $1.25 billion, a P/E ratio of -34.80 and a beta of 5.06. The firm has a 50 day moving average price of $25.07 and a two-hundred day moving average price of $27.31.

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

Insider Activity at Nano Nuclear Energy

In other news, Director Seth Jason Berl sold 3,750 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.92, for a total transaction of $93,450.00. Following the completion of the transaction, the director owned 7,586 shares in the company, valued at approximately $189,043.12. This represents a 33.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jiang Yu sold 700,000 shares of the stock in a transaction 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 $219,416,320. The trade was a 7.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 in the last three months. Corporate insiders own 32.77% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

A number of institutional investors have recently added to or reduced their stakes in NNE. Royal Bank of Canada lifted its holdings in Nano Nuclear Energy by 185.2% during the 1st quarter. Royal Bank of Canada now owns 21,143 shares of the company’s stock worth $560,000 after purchasing an additional 13,730 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Nano Nuclear Energy during the 1st quarter worth about $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Nano Nuclear Energy by 535.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,547 shares of the company’s stock worth $385,000 after purchasing an additional 12,256 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Nano Nuclear Energy by 385.8% during the 1st quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after purchasing an additional 1,520 shares in the last quarter. Finally, Creative Planning purchased a new stake in Nano Nuclear Energy during the 2nd quarter worth about $316,000.

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.