Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 5.4% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) shot up 5.4% during mid-day trading on Wednesday . The company traded as high as $27.39 and last traded at $25.31. 4,719,597 shares changed hands during mid-day trading, an increase of 110% from the average session volume of 2,249,933 shares. The stock had previously closed at $24.01.

Wall Street Analyst Weigh In

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

Nano Nuclear Energy Price Performance

The stock has a market cap of $1.32 billion, a PE ratio of -36.68 and a beta of 5.06. The stock has a 50-day moving average price of $25.12 and a two-hundred day moving average price of $27.26.

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, beating analysts’ consensus estimates of ($0.26) by $0.08. Equities research analysts expect that Nano Nuclear Energy Inc. will post -1.02 earnings per share for the current year.

Insider Transactions at Nano Nuclear Energy

In related news, Chairman Jiang Yu sold 700,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total value of $18,676,000.00. Following the completion of the transaction, the chairman owned 8,224,000 shares of the company’s stock, valued at approximately $219,416,320. This trade represents a 7.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Seth Jason Berl sold 3,750 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.92, for a total transaction of $93,450.00. Following the completion of the transaction, the director directly owned 7,586 shares of the company’s stock, valued at approximately $189,043.12. The trade was a 33.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 in the last quarter. Company insiders own 32.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Nano Nuclear Energy by 27.4% in the 4th quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company’s stock valued at $54,360,000 after acquiring an additional 486,367 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Nano Nuclear Energy by 441.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 74,009 shares of the company’s stock valued at $2,854,000 after acquiring an additional 60,336 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Nano Nuclear Energy by 65.7% in the 3rd 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 during the last quarter. UBS Group AG lifted its stake in Nano Nuclear Energy by 135.7% in the fourth quarter. UBS Group AG now owns 1,158,050 shares of the company’s stock worth $27,805,000 after purchasing an additional 666,722 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in Nano Nuclear Energy by 16.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 346,123 shares of the company’s stock worth $8,310,000 after purchasing an additional 47,960 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.