Nano Nuclear Energy (NASDAQ:NNE) Shares Down 9.3% – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s share price was down 9.3% on Friday . The company traded as low as $25.16 and last traded at $24.98. Approximately 1,267,772 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 2,026,584 shares. The stock had previously closed at $27.54.

Analysts Set New Price Targets

A number of analysts have weighed in on NNE shares. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a research note on Wednesday, February 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Tuesday, April 21st. Finally, Texas Capital upgraded Nano Nuclear Energy to a “strong-buy” rating in a research report on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Nano Nuclear Energy Price Performance

The stock has a 50-day moving average price of $23.50 and a 200 day moving average price of $29.15. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -23.42 and a beta of 5.15.

Nano Nuclear Energy (NASDAQ:NNE) last posted its earnings results on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08. As a group, equities research analysts predict that Nano Nuclear Energy Inc. will post -1.4 earnings per share for the current year.

Insider Activity

In related news, Director Seth Jason Berl sold 3,664 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $27.69, for a total transaction of $101,456.16. Following the transaction, the director owned 3,836 shares of the company’s stock, valued at $106,218.84. This trade represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 32.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Nano Nuclear Energy by 441.3% during the third quarter. JPMorgan Chase & Co. now owns 74,009 shares of the company’s stock worth $2,854,000 after buying an additional 60,336 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Nano Nuclear Energy by 549.0% during the third quarter. SG Americas Securities LLC now owns 33,408 shares of the company’s stock worth $1,288,000 after buying an additional 28,260 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Nano Nuclear Energy by 65.7% during the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock worth $100,190,000 after buying an additional 1,030,262 shares during the last quarter. UBS Group AG grew its holdings in shares of Nano Nuclear Energy by 135.7% during the fourth quarter. UBS Group AG now owns 1,158,050 shares of the company’s stock worth $27,805,000 after buying an additional 666,722 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Nano Nuclear Energy by 40.9% during the third quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company’s stock worth $68,547,000 after buying an additional 516,129 shares during the last quarter.

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.