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

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) traded up 7.3% during trading on Monday . The company traded as high as $21.65 and last traded at $21.32. 2,702,300 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 2,323,383 shares. The stock had previously closed at $19.87.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NNE. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Tuesday, April 21st. Wall Street Zen upgraded Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 24th. Finally, Roth Mkm initiated coverage on Nano Nuclear Energy in a report on Wednesday, June 17th. They issued a “buy” rating and a $45.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.50.

Nano Nuclear Energy Stock Performance

The business’s 50 day moving average price is $25.51 and its 200-day moving average price is $26.73. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -30.90 and a beta of 5.06.

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

Insider Activity at Nano Nuclear Energy

In related news, CEO James John Walker sold 123,688 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.49, for a total transaction of $3,276,495.12. Following the sale, the chief executive officer directly owned 555,000 shares of the company’s stock, valued at approximately $14,701,950. This represents a 18.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Jiang Yu sold 700,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total value of $18,676,000.00. Following the sale, the chairman directly owned 8,224,000 shares in the company, valued at approximately $219,416,320. This represents a 7.84% 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 have sold a total of 1,616,981 shares of company stock worth $43,096,346 over the last quarter. 32.77% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nano Nuclear Energy

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Nano Nuclear Energy by 11,676.8% in 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 acquiring an additional 1,711,592 shares in the last quarter. Weiss Asset Management LP acquired a new stake in Nano Nuclear Energy during the fourth quarter worth $38,224,000. Ghisallo Capital Management LLC acquired a new stake in shares of Nano Nuclear Energy during the 4th quarter valued at about $38,224,000. Van ECK Associates Corp boosted its holdings in Nano Nuclear Energy by 65.7% during the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company’s stock valued at $100,190,000 after purchasing an additional 1,030,262 shares in the last quarter. Finally, Regal Partners Ltd bought a new stake in Nano Nuclear Energy in the fourth quarter valued at $23,535,000.

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.