Nano Nuclear Energy (NASDAQ:NNE) Stock Falls 11.1% – Time to Sell?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 11.1% during trading on Wednesday. The stock traded as low as $12.76 and last traded at $12.7640. Approximately 1,700,245 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 2,191,811 shares. The stock had previously closed at $14.35.

Analyst Ratings Changes

Several brokerages have recently weighed in on NNE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a report on Thursday. Susquehanna set a $39.00 price target on shares of Nano Nuclear Energy in a report on Thursday, October 1st. Wall Street Zen upgraded shares of Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. New Street Research set a $45.00 price objective on Nano Nuclear Energy in a report on Thursday, August 13th. Finally, Benchmark reaffirmed a “buy” rating on shares of Nano Nuclear Energy in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.14.

Nano Nuclear Energy Stock Performance

The company has a market capitalization of $719.53 million, a PE ratio of -19.42 and a beta of 5.49. The firm’s 50-day simple moving average is $17.19 and its 200 day simple moving average is $20.66.

Nano Nuclear Energy (NASDAQ:NNE) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $0.50 million. As a group, equities analysts anticipate that Nano Nuclear Energy Inc. will post -0.80 earnings per share for the current year.

Insiders Place Their Bets

In other Nano Nuclear Energy news, CEO James Walker sold 25,000 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $17.77, for a total value of $444,250.00. Following the completion of the transaction, the chief executive officer directly owned 635,000 shares of the company’s stock, valued at approximately $11,283,950. This trade represents a 3.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 18.61% of the company’s stock.

Institutional Investors Weigh In On Nano Nuclear Energy

Several institutional investors have recently modified their holdings of the company. Ascentis Independent Advisors purchased a new position in Nano Nuclear Energy in the 1st quarter valued at approximately $36,000. State of Wyoming purchased a new stake in Nano Nuclear Energy during the second quarter worth $45,000. C M Bidwell & Associates Ltd. purchased a new stake in Nano Nuclear Energy during the second quarter worth $55,000. Global Retirement Partners LLC purchased a new stake in Nano Nuclear Energy during the second quarter worth $68,000. Finally, International Assets Investment Management LLC grew its holdings in Nano Nuclear Energy by 150.4% in the first quarter. International Assets Investment Management LLC now owns 6,160 shares of the company’s stock valued at $126,000 after purchasing an additional 3,700 shares during the last quarter.

Nano Nuclear Energy Company Profile

Nano Nuclear Energy, Inc is an advanced nuclear energy technology company developing portable microreactors and related nuclear-fuel capabilities. The company’s objective is to provide compact, transportable power systems for applications that may not be well served by conventional nuclear plants or electrical grids.

Its principal reactor concepts include ZEUS, a solid-core battery reactor designed for off-grid power generation, and ODIN, a molten-salt reactor concept intended to produce electricity and industrial heat.