Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 4.3% – Time to Sell?

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares dropped 4.3% during mid-day trading on Tuesday . The company traded as low as $23.91 and last traded at $24.01. Approximately 1,732,217 shares were traded during trading, a decline of 22% from the average daily volume of 2,226,429 shares. The stock had previously closed at $25.08.

Analyst Upgrades and Downgrades

NNE has been the topic of a number of recent research reports. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Finally, Wall Street Zen raised Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Nano Nuclear Energy Trading Down 4.3%

The firm has a fifty day simple moving average of $25.07 and a two-hundred day simple moving average of $27.31. The stock has a market cap of $1.25 billion, a PE ratio of -34.80 and a beta of 5.06.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.08. Equities analysts forecast that Nano Nuclear Energy Inc. will post -1.02 earnings per share for the current year.

Insider Activity at Nano Nuclear Energy

In related news, Chairman Jiang Yu sold 700,000 shares of the firm’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 transaction, the chairman directly 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 filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.48, for a total value of $985,453.20. Following the transaction, the chief financial officer directly owned 345,000 shares in the company, valued at approximately $9,135,600. This represents a 9.74% decrease in their ownership of the stock. 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 a total of 1,616,981 shares of company stock worth $43,096,346 in the last quarter. 32.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of large investors have recently modified their holdings of the company. Van ECK Associates Corp raised its holdings in shares of Nano Nuclear Energy by 24.7% during the 4th quarter. Van ECK Associates Corp now owns 3,241,350 shares of the company’s stock valued at $77,825,000 after buying an additional 643,070 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Nano Nuclear Energy by 27.4% during the 4th quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company’s stock valued at $54,360,000 after buying an additional 486,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Nano Nuclear Energy by 11,676.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company’s stock valued at $66,564,000 after buying an additional 1,711,592 shares in the last quarter. Weiss Asset Management LP purchased a new position in shares of Nano Nuclear Energy during the 4th quarter valued at about $38,224,000. Finally, Ghisallo Capital Management LLC purchased a new position in shares of Nano Nuclear Energy during the 4th quarter valued at about $38,224,000.

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.