Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 7.7% – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price fell 7.7% during trading on Friday . The company traded as low as $15.71 and last traded at $15.58. Approximately 1,138,859 shares were traded during trading, a decline of 50% from the average session volume of 2,295,657 shares. The stock had previously closed at $16.88.

Analyst Upgrades and Downgrades

NNE has been the subject of a number of research reports. Wall Street Zen lowered shares of Nano Nuclear Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. Roth Capital initiated coverage on 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Friday, July 17th. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday, June 26th. Finally, Truist Financial started coverage on shares of Nano Nuclear Energy in a research report on Monday, July 13th. They set a “hold” rating and a $22.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Nano Nuclear Energy Stock Performance

The firm has a market cap of $813.54 million, a price-to-earnings ratio of -22.64 and a beta of 5.27. The stock has a 50-day moving average of $22.81 and a 200-day moving average of $25.11.

Nano Nuclear Energy (NASDAQ:NNE) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08. Sell-side analysts predict that Nano Nuclear Energy Inc. will post -0.93 EPS for the current fiscal year.

Insider Activity

In other Nano Nuclear Energy news, Chairman Jiang Yu sold 700,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total transaction of $18,676,000.00. Following the transaction, the chairman owned 8,224,000 shares in the company, valued at $219,416,320. This represents a 7.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 business’s stock in a transaction that occurred on 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 owned 7,586 shares of the company’s stock, valued at $189,043.12. The trade was a 33.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,616,981 shares of company stock worth $43,096,346. Corporate insiders own 32.77% of the company’s stock.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its position in Nano Nuclear Energy by 51.9% in the third quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after purchasing an additional 400 shares during the last quarter. Harbour Investments Inc. increased its position in shares of Nano Nuclear Energy by 275.7% in the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock worth $28,000 after purchasing an additional 863 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nano Nuclear Energy in the 3rd quarter worth about $48,000. Thurston Springer Miller Herd & Titak Inc. raised its position in Nano Nuclear Energy by 165.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,339 shares of the company’s stock worth $32,000 after purchasing an additional 835 shares during the period. Finally, Ascentis Independent Advisors bought a new position in shares of Nano Nuclear Energy in the first quarter worth approximately $36,000.

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.