Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 6.8% – Here’s What Happened

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares traded down 6.8% on Tuesday . The company traded as low as $23.86 and last traded at $23.90. 2,770,100 shares changed hands during trading, an increase of 21% from the average daily volume of 2,285,407 shares. The stock had previously closed at $25.64.

Wall Street Analyst Weigh In

NNE has been the topic of a number of recent analyst reports. 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. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Monday, June 8th. Finally, Roth Mkm initiated 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. Two 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 given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $46.50.

Nano Nuclear Energy Stock Down 6.8%

The firm’s 50-day moving average price is $25.57 and its 200 day moving average price is $27.11. The firm has a market cap of $1.24 billion, a P/E ratio of -34.64 and a beta of 5.05.

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 analysts’ consensus estimates of ($0.26) by $0.08. On average, equities analysts predict that Nano Nuclear Energy Inc. will post -0.95 earnings per share for the current year.

Insider Activity

In other news, CFO Jaisun Garcha sold 37,215 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $26.48, for a total value of $985,453.20. Following the completion of the transaction, the chief financial officer owned 345,000 shares of the company’s stock, valued at approximately $9,135,600. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder I Financial Ventures Group Llc sold 700,000 shares of the firm’s stock in a transaction dated 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 insider directly owned 8,224,000 shares in the company, valued at approximately $219,416,320. The trade was a 7.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 over the last ninety days. 32.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nano Nuclear Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Nano Nuclear Energy by 27.4% during the fourth 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. JPMorgan Chase & Co. lifted its holdings in 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 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 boosted its position in shares of Nano Nuclear Energy by 135.7% during the 4th quarter. UBS Group AG now owns 1,158,050 shares of the company’s stock valued at $27,805,000 after purchasing an additional 666,722 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of Nano Nuclear Energy by 16.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 346,123 shares of the company’s stock valued at $8,310,000 after purchasing an additional 47,960 shares in 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.