Nano Nuclear Energy (NASDAQ:NNE) Shares Down 7% – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE) fell 7% during mid-day trading on Monday . The stock traded as low as $26.08 and last traded at $26.2360. Approximately 1,300,370 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,266,188 shares. The stock had previously closed at $28.21.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, June 8th. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research note on Wednesday, May 27th. Finally, Roth Mkm started coverage on Nano Nuclear Energy in a report on Wednesday, June 17th. They set a “buy” rating and a $45.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Nano Nuclear Energy has an average rating of “Moderate Buy” and an average target price of $46.50.

Nano Nuclear Energy Price Performance

The company has a market capitalization of $1.38 billion, a PE ratio of -38.36 and a beta of 5.06. The company has a 50 day moving average of $25.48 and a two-hundred day moving average of $27.17.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.08. On average, equities analysts anticipate that Nano Nuclear Energy Inc. will post -0.95 EPS for the current year.

Insider Buying and Selling

In related news, CFO Jaisun Garcha sold 37,215 shares of Nano Nuclear Energy 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 completion of the transaction, the chief financial officer directly owned 345,000 shares of the company’s stock, valued at $9,135,600. This trade represents a 9.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Jiang Yu sold 700,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $26.68, for a total transaction of $18,676,000.00. Following the sale, the chairman directly owned 8,224,000 shares in the company, valued at $219,416,320. The trade was a 7.84% decrease in their position. 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 worth $43,096,346 over the last 90 days. Corporate insiders own 32.77% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

A number of hedge funds have recently made changes to their positions in NNE. Royal Bank of Canada grew its stake in shares of Nano Nuclear Energy by 185.2% in the 1st quarter. Royal Bank of Canada now owns 21,143 shares of the company’s stock worth $560,000 after buying an additional 13,730 shares during the last quarter. AQR Capital Management LLC purchased a new position in Nano Nuclear Energy during the first quarter valued at $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Nano Nuclear Energy by 535.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,547 shares of the company’s stock valued at $385,000 after buying an additional 12,256 shares during the last quarter. NewEdge Advisors LLC boosted its holdings 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 in the last quarter. Finally, Creative Planning bought a new stake in Nano Nuclear Energy in the second quarter worth $316,000.

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.