Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 6.5% – Time to Sell?

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares fell 6.5% during mid-day trading on Tuesday . The stock traded as low as $18.08 and last traded at $18.88. 2,886,487 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 2,329,654 shares. The stock had previously closed at $20.19.

Analyst Upgrades and Downgrades

NNE has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 24th. Benchmark restated a “buy” rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Finally, Roth Capital began coverage on Nano Nuclear Energy in a research report on Wednesday, June 17th. They issued a “buy” rating and a $45.00 price objective on the stock. One research analyst has 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.67.

Nano Nuclear Energy Price Performance

The company’s 50-day simple moving average is $25.03 and its two-hundred day simple moving average is $26.20. The firm has a market capitalization of $983.27 million, a P/E ratio of -27.36 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE) last posted its quarterly earnings data 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. Analysts predict that Nano Nuclear Energy Inc. will post -0.95 earnings per share for the current year.

Insider Buying and Selling at Nano Nuclear Energy

In related news, CFO Jaisun Garcha sold 37,215 shares of the business’s stock in a transaction 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 sale, the chief financial officer owned 345,000 shares in the company, valued at approximately $9,135,600. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James John Walker sold 123,688 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.49, for a total value of $3,276,495.12. Following the sale, the chief executive officer owned 555,000 shares in the company, valued at $14,701,950. The trade was a 18.22% decrease in their position. 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 have sold a total of 1,616,981 shares of company stock worth $43,096,346 over the last three months. 32.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Large investors have recently bought and sold shares of the business. Harbour Investments Inc. increased its stake in 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 period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of 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 valued at $32,000 after purchasing an additional 835 shares during the period. Ascentis Independent Advisors bought a new position in shares of Nano Nuclear Energy in the first quarter worth about $36,000. US Bancorp DE grew its holdings in shares of 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. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Nano Nuclear Energy in the 3rd quarter worth about $48,000.

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.