Van ECK Associates Corp Has $80.75 Million Stock Position in Nano Nuclear Energy Inc. $NNE

Key Points

• Van ECK Associates increased its Nano Nuclear Energy stake by 26.9% in the second quarter, holding 3.82 million shares valued at approximately $80.75 million, or 7.11% of the company.
• NNE shares opened at $17.97, down 6.6%, and remain highly volatile, with a 52-week range of $14.71 to $60.87. The company posted a quarterly loss of $0.19 per share, better than estimates, but revenue of $0.21 million fell short of expectations.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $39, although insiders sold $43.1 million of stock over the past three months under pre-arranged trading plans.

Van ECK Associates Corp lifted its position in Nano Nuclear Energy Inc. (NASDAQ:NNE - Free Report) by 26.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,819,847 shares of the company's stock after acquiring an additional 810,022 shares during the quarter. Van ECK Associates Corp owned approximately 7.11% of Nano Nuclear Energy worth $80,752,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Nano Nuclear Energy by 27.4% during the 4th quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company's stock valued at $54,360,000 after buying an additional 486,367 shares during the period. UBS Group AG increased its stake in shares of Nano Nuclear Energy by 135.7% in the fourth quarter. UBS Group AG now owns 1,158,050 shares of the company's stock worth $27,805,000 after acquiring an additional 666,722 shares during the last quarter. Lido Advisors LLC increased its stake in shares of Nano Nuclear Energy by 1,769.6% in the first quarter. Lido Advisors LLC now owns 171,932 shares of the company's stock worth $3,521,000 after acquiring an additional 162,736 shares during the last quarter. Private Wealth Partners LLC raised its holdings in shares of Nano Nuclear Energy by 191.6% during the first quarter. Private Wealth Partners LLC now owns 38,200 shares of the company's stock worth $782,000 after acquiring an additional 25,100 shares in the last quarter. Finally, Walleye Capital LLC raised its holdings in shares of Nano Nuclear Energy by 883.9% during the first quarter. Walleye Capital LLC now owns 48,210 shares of the company's stock worth $987,000 after acquiring an additional 43,310 shares in the last quarter.

Nano Nuclear Energy Stock Down 6.6%

Shares of NASDAQ:NNE opened at $17.97 on Friday. The business has a 50 day moving average price of $18.74 and a 200 day moving average price of $22.57. Nano Nuclear Energy Inc. has a twelve month low of $14.71 and a twelve month high of $60.87. The company has a market cap of $964.99 million, a price-to-earnings ratio of -26.04 and a beta of 5.42.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.26) by $0.07. The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $0.50 million. Analysts anticipate that Nano Nuclear Energy Inc. will post -0.8 EPS for the current year.

Analyst Upgrades and Downgrades

NNE has been the subject of several recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Nano Nuclear Energy in a research note on Friday, July 17th. New Street Research set a $45.00 target price on shares of Nano Nuclear Energy in a research report on Thursday, August 13th. Roth Capital began coverage on shares of Nano Nuclear Energy in a research note on Wednesday, June 17th. They set a "buy" rating and a $45.00 price target on the stock. Northland Securities set a $37.00 price target on shares of Nano Nuclear Energy in a research note on Friday, August 14th. Finally, Truist Financial began coverage on shares of Nano Nuclear Energy in a report on Monday, July 13th. They set a "hold" rating and a $22.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $39.00.

Insider Buying and Selling at Nano Nuclear Energy

In other news, Chairman Jiang Yu sold 700,000 shares of the company's stock in a transaction dated 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 owned 8,224,000 shares of the company's stock, valued at approximately $219,416,320. This represents a 7.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jaisun Garcha sold 37,215 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.48, for a total transaction of $985,453.20. Following the sale, the chief financial officer directly owned 345,000 shares of the company's stock, valued at approximately $9,135,600. The trade was a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,616,981 shares of company stock worth $43,096,346 over the last three months. 18.61% of the stock is currently owned by insiders.

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.

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