Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 6.8% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE) traded down 6.8% during trading on Tuesday . The company traded as low as $23.86 and last traded at $23.90. 2,770,100 shares traded hands during trading, an increase of 21% from the average daily volume of 2,285,407 shares. The stock had previously closed at $25.64.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Roth Mkm began coverage on shares of Nano Nuclear Energy in a research note on Wednesday, June 17th. They set a “buy” rating and a $45.00 price target on the stock. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Nano Nuclear Energy presently has an average rating of “Moderate Buy” and an average target price of $46.50.

Nano Nuclear Energy Stock Performance

The stock has a fifty day moving average price of $25.57 and a 200-day moving average price of $27.11. The firm has a market cap of $1.24 billion, a PE ratio of -34.64 and a beta of 5.05.

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

Insiders Place Their Bets

In related news, major shareholder I Financial Ventures Group Llc 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 completion of the sale, the insider directly owned 8,224,000 shares in the company, valued at approximately $219,416,320. This represents a 7.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James John Walker sold 123,688 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.49, for a total value of $3,276,495.12. Following the completion of the transaction, the chief executive officer directly owned 555,000 shares in the company, valued at $14,701,950. This trade represents a 18.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,616,981 shares of company stock worth $43,096,346. 32.77% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nano Nuclear Energy

Several institutional investors and hedge funds have recently modified their holdings of NNE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Nano Nuclear Energy by 11,676.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock valued at $66,564,000 after buying an additional 1,711,592 shares during the period. Weiss Asset Management LP purchased a new position in Nano Nuclear Energy in the 4th quarter worth approximately $38,224,000. Ghisallo Capital Management LLC acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at approximately $38,224,000. Van ECK Associates Corp grew its position in Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock valued at $100,190,000 after acquiring an additional 1,030,262 shares in the last quarter. Finally, Regal Partners Ltd purchased a new stake in shares of Nano Nuclear Energy during the fourth quarter valued at approximately $23,535,000.

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.