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

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) were down 9.3% during mid-day trading 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.

Analyst Ratings Changes

NNE has been the subject of several analyst reports. Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a research report on Wednesday, February 18th. Texas Capital upgraded Nano Nuclear Energy to a “strong-buy” rating in a research report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Nano Nuclear Energy Stock Down 8.2%

The company has a market capitalization of $1.32 billion, a PE ratio of -23.42 and a beta of 5.15. The firm has a 50-day moving average of $23.50 and a two-hundred day moving average of $29.15.

Nano Nuclear Energy (NASDAQ:NNE) last issued its quarterly earnings data 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, equities research analysts expect that Nano Nuclear Energy Inc. will post -1.4 EPS for the current year.

Insider Buying and Selling

In other Nano Nuclear Energy news, Director Seth Jason Berl sold 3,664 shares of the company’s stock in a transaction on 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 directly owned 3,836 shares in the company, valued at $106,218.84. This represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 32.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Nano Nuclear Energy by 11,676.8% in the third 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 in the last quarter. Weiss Asset Management LP acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at $38,224,000. Ghisallo Capital Management LLC acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at $38,224,000. Van ECK Associates Corp raised its stake 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 buying an additional 1,030,262 shares in the last quarter. Finally, Regal Partners Ltd acquired a new stake in Nano Nuclear Energy in the fourth quarter valued at $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.