Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 9.1% – Here’s What Happened

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) were down 9.1% during mid-day trading on Monday . The stock traded as low as $25.63 and last traded at $25.64. 3,088,551 shares were traded during trading, an increase of 35% from the average daily volume of 2,284,388 shares. The stock had previously closed at $28.21.

Analysts Set New Price Targets

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

Nano Nuclear Energy Price Performance

The company has a fifty day moving average price of $25.48 and a two-hundred day moving average price of $27.17. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -37.16 and a beta of 5.06.

Nano Nuclear Energy (NASDAQ:NNE) last announced its earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.08. On average, research analysts expect that Nano Nuclear Energy Inc. will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Seth Jason Berl sold 3,750 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was 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 approximately $189,043.12. The trade was a 33.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jaisun Garcha sold 37,215 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.48, for a total value of $985,453.20. Following the completion of the sale, the chief financial officer directly owned 345,000 shares in the company, valued at $9,135,600. This trade represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,616,981 shares of company stock valued at $43,096,346. Corporate insiders own 32.77% of the company’s stock.

Institutional Investors Weigh In On Nano Nuclear Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its position 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 valued at $560,000 after buying an additional 13,730 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of Nano Nuclear Energy in the first quarter worth about $1,187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 worth $385,000 after purchasing an additional 12,256 shares during the period. NewEdge Advisors LLC raised its position in shares of Nano Nuclear Energy by 385.8% during the first quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after purchasing an additional 1,520 shares during the period. Finally, Creative Planning bought a new position in shares of Nano Nuclear Energy during the 2nd quarter valued at about $316,000.

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.