Nano Nuclear Energy (NASDAQ:NNE) Trading Down 4.9% – Here’s Why

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 4.9% during trading on Monday . The company traded as low as $20.87 and last traded at $21.71. Approximately 701,526 shares traded hands during trading, a decline of 60% from the average daily volume of 1,744,554 shares. The stock had previously closed at $22.82.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NNE. Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a research report on Wednesday, February 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Thursday, January 22nd. Finally, Texas Capital raised shares of Nano Nuclear Energy to a “strong-buy” rating in a report on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Nano Nuclear Energy Stock Performance

The firm has a market cap of $1.11 billion, a P/E ratio of -19.55 and a beta of 7.58. The company’s 50 day moving average is $28.87 and its 200 day moving average is $34.38.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Tuesday, February 17th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.19. On average, equities research analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder I Financial Ventures Group Llc sold 766,661 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $34.14, for a total value of $26,173,806.54. Following the transaction, the insider directly owned 8,724,000 shares of the company’s stock, valued at approximately $297,837,360. This represents a 8.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Jiang Yu sold 766,661 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $34.14, for a total transaction of $26,173,806.54. Following the completion of the transaction, the chairman owned 8,724,000 shares in the company, valued at $297,837,360. The trade was a 8.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,985,664 shares of company stock worth $125,727,253. 32.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nano Nuclear Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Nano Nuclear Energy by 635.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,194 shares of the company’s stock valued at $221,000 after purchasing an additional 7,944 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in Nano Nuclear Energy during the fourth quarter worth about $1,885,000. Invesco Ltd. boosted its stake in shares of Nano Nuclear Energy by 52.9% in the fourth quarter. Invesco Ltd. now owns 27,602 shares of the company’s stock valued at $663,000 after purchasing an additional 9,547 shares during the period. Regal Partners Ltd acquired a new stake in shares of Nano Nuclear Energy in the 4th quarter valued at about $23,535,000. Finally, Millennium Management LLC lifted its holdings in Nano Nuclear Energy by 810.0% during the 4th quarter. Millennium Management LLC now owns 205,607 shares of the company’s stock worth $4,937,000 after buying an additional 183,013 shares during 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.