Nano Nuclear Energy Inc. (NASDAQ:NNE) Short Interest Update

Key Points

• Short interest dropped 37.1% to 8,423,275 shares as of March 31, representing about 24.1% of the stock shorted and a days-to-cover ratio of 3.7.
• Company insiders sold a total of 2,049,664 shares in the last three months (≈$69.35M), including transactions by the chairman and CFO, though insiders still own 32.77% of the company.
• Several institutions (notably VanEck, Vanguard and JPMorgan) increased holdings while the stock traded up 7.5% to $23.52; analysts hold a “Moderate Buy” consensus with a $47 average price target.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 8,423,275 shares, a drop of 37.1% from the March 15th total of 13,385,881 shares. Approximately 24.1% of the company's stock are short sold. Based on an average daily volume of 2,298,090 shares, the days-to-cover ratio is currently 3.7 days.

Insiders Place Their Bets

In other Nano Nuclear Energy news, Chairman Jiang Yu sold 121,339 shares of the firm's stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $31.78, for a total value of $3,856,153.42. Following the completion of the sale, the chairman directly owned 8,724,000 shares in the company, valued at approximately $277,248,720. This trade represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jaisun Garcha sold 75,000 shares of Nano Nuclear Energy stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $34.04, for a total transaction of $2,553,000.00. Following the transaction, the chief financial officer owned 250,000 shares of the company's stock, valued at $8,510,000. This represents a 23.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 2,049,664 shares of company stock valued at $69,352,176. 32.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Exchange Traded Concepts LLC raised its position in Nano Nuclear Energy by 64.0% in the third quarter. Exchange Traded Concepts LLC now owns 298,163 shares of the company's stock worth $11,497,000 after acquiring an additional 116,387 shares during the period. JPMorgan Chase & Co. raised its position in Nano Nuclear Energy by 441.3% in the third quarter. JPMorgan Chase & Co. now owns 74,009 shares of the company's stock worth $2,854,000 after acquiring an additional 60,336 shares during the period. SG Americas Securities LLC raised its position in Nano Nuclear Energy by 549.0% in the third quarter. SG Americas Securities LLC now owns 33,408 shares of the company's stock worth $1,288,000 after acquiring an additional 28,260 shares during the period. Van ECK Associates Corp raised its position in Nano Nuclear Energy by 65.7% in the third quarter. Van ECK Associates Corp now owns 2,598,280 shares of the company's stock worth $100,190,000 after acquiring an additional 1,030,262 shares during the period. Finally, Vanguard Group Inc. raised its position in Nano Nuclear Energy by 40.9% in the third quarter. Vanguard Group Inc. now owns 1,777,684 shares of the company's stock worth $68,547,000 after acquiring an additional 516,129 shares during the period.

Nano Nuclear Energy Trading Up 7.5%

Shares of NNE traded up $1.65 during trading hours on Tuesday, reaching $23.52. 2,499,486 shares of the stock traded hands, compared to its average volume of 1,933,732. The stock has a fifty day simple moving average of $23.73 and a 200 day simple moving average of $32.06. Nano Nuclear Energy has a 52 week low of $17.26 and a 52 week high of $60.87. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -21.78 and a beta of 7.25.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.32) by $0.19. Analysts predict that Nano Nuclear Energy will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NNE. Benchmark reiterated a "buy" rating on shares of Nano Nuclear Energy in a report on Wednesday, February 18th. Texas Capital raised shares of Nano Nuclear Energy to a "strong-buy" rating in a research report on Tuesday, January 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Nano Nuclear Energy in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.00.

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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