Nano Nuclear Energy (NASDAQ:NNE) Stock Price Up 7.3% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) rose 7.3% during mid-day trading on Thursday . The company traded as high as $21.43 and last traded at $21.8930. Approximately 420,381 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,846,405 shares. The stock had previously closed at $20.40.

Analyst Upgrades and Downgrades

NNE has been the subject of several recent research reports. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Wednesday, February 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Thursday, January 22nd. Finally, Texas Capital raised Nano Nuclear Energy to a “strong-buy” rating in a research note on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Nano Nuclear Energy has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Nano Nuclear Energy Price Performance

The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -19.77 and a beta of 7.22. The business’s 50-day moving average price is $25.69 and its two-hundred day moving average price is $33.34.

Nano Nuclear Energy (NASDAQ:NNE) last announced its earnings results on Tuesday, February 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.19. As a group, sell-side analysts forecast that Nano Nuclear Energy Inc. will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Nano Nuclear Energy

In related news, CFO Jaisun Garcha sold 75,000 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $34.04, for a total transaction of $2,553,000.00. Following the transaction, the chief financial officer directly owned 250,000 shares in the company, valued at approximately $8,510,000. This represents a 23.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $101,456.16. Following the completion of the sale, the director directly owned 3,836 shares in the company, valued at approximately $106,218.84. The trade was a 48.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 2,069,664 shares of company stock valued at $69,926,176. 32.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NNE. Harbour Investments Inc. boosted 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 acquiring an additional 863 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in Nano Nuclear Energy by 165.7% during the fourth 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 last quarter. Archer Investment Corp purchased a new position in Nano Nuclear Energy during the third quarter worth approximately $39,000. Tripletail Wealth Management LLC acquired a new position in shares of Nano Nuclear Energy in the 3rd quarter valued at $43,000. Finally, US Bancorp DE boosted its holdings in shares of Nano Nuclear Energy by 51.9% in the 3rd quarter. US Bancorp DE now owns 1,171 shares of the company’s stock valued at $45,000 after purchasing an additional 400 shares during the last quarter.

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.