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

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

Wall Street Analyst Weigh In

NNE has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Tuesday, April 21st. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday, June 26th. 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. Finally, Roth Capital began coverage on shares of Nano Nuclear Energy in a research report on Wednesday, June 17th. They set a “buy” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.67.

Nano Nuclear Energy Stock Up 1.8%

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -27.83 and a beta of 5.27. The stock has a fifty day moving average of $24.68 and a two-hundred day moving average of $25.96.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.08. Equities research analysts anticipate that Nano Nuclear Energy Inc. will post -0.95 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jaisun Garcha sold 37,215 shares of the 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 completion of the sale, the chief financial officer owned 345,000 shares of the company’s stock, valued at $9,135,600. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock in a transaction on 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 completion of the sale, the insider directly owned 8,224,000 shares of the company’s stock, valued at $219,416,320. The trade was a 7.84% 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. In the last 90 days, insiders have sold 1,616,981 shares of company stock worth $43,096,346. Insiders own 32.77% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

A number of institutional investors have recently added to or reduced their stakes in NNE. Harbour Investments Inc. raised its position in Nano Nuclear Energy by 275.7% in the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company’s stock valued at $28,000 after purchasing an additional 863 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Nano Nuclear Energy by 165.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,339 shares of the company’s stock valued at $32,000 after buying an additional 835 shares in the last quarter. Ascentis Independent Advisors purchased a new stake in shares of Nano Nuclear Energy during the 1st quarter valued at about $36,000. US Bancorp DE lifted its position in Nano Nuclear Energy by 51.9% during the 3rd quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after acquiring an additional 400 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Nano Nuclear Energy during the 3rd quarter worth approximately $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.