Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 8.6% – What’s Next?

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price rose 8.6% during trading on Wednesday . The company traded as high as $26.38 and last traded at $26.0650. Approximately 568,305 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 2,209,650 shares. The stock had previously closed at $24.01.

Wall Street Analysts Forecast Growth

NNE has been the subject of a number of research reports. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a report on Wednesday, May 27th. Roth Mkm began coverage on shares of Nano Nuclear Energy in a report on Wednesday. They set a “buy” rating and a $45.00 price objective for the company. Wall Street Zen upgraded shares of Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Monday, June 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.50.

Nano Nuclear Energy Stock Up 11.3%

The business’s 50-day moving average is $25.12 and its two-hundred day moving average is $27.26. The company has a market capitalization of $1.39 billion, a P/E ratio of -38.77 and a beta of 5.06.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. Analysts predict that Nano Nuclear Energy Inc. will post -1.02 EPS for the current year.

Insider Activity at Nano Nuclear Energy

In related news, Chairman Jiang Yu sold 700,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total transaction of $18,676,000.00. Following the transaction, the chairman directly owned 8,224,000 shares of the company’s stock, valued at $219,416,320. This trade represents a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.48, for a total transaction of $985,453.20. Following the transaction, the chief financial officer directly owned 345,000 shares in the company, valued at $9,135,600. The trade was a 9.74% 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 1,616,981 shares of company stock valued at $43,096,346 over the last three months. Insiders own 32.77% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

Several hedge funds have recently added to or reduced their stakes in NNE. Royal Bank of Canada raised its position in Nano Nuclear Energy by 185.2% in the first quarter. Royal Bank of Canada now owns 21,143 shares of the company’s stock worth $560,000 after acquiring an additional 13,730 shares during the period. AQR Capital Management LLC bought a new stake in Nano Nuclear Energy in the first quarter worth about $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Nano Nuclear Energy by 535.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,547 shares of the company’s stock worth $385,000 after acquiring an additional 12,256 shares during the period. NewEdge Advisors LLC raised its position in Nano Nuclear Energy by 385.8% in the first quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after acquiring an additional 1,520 shares during the period. Finally, Creative Planning bought a new stake in Nano Nuclear Energy in the second 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.