Nano Nuclear Energy (NASDAQ:NNE) Shares Gap Up - Here's What Happened

Key Points

• Shares of Nano Nuclear Energy gapped up premarket, opening at $23.33 vs. a $21.87 close and last trading around $24.15 (up ~9.7%) on a volume of 928,492 shares.
• Analyst coverage is mixed but skewed positive with an average rating of "Moderate Buy" and a consensus target price of $47.00; the company also beat quarterly EPS estimates (reported $(0.13) vs. $(0.32) expected) but is forecast to post about -0.92 EPS for the year.
• Significant insider selling has occurred recently — including the CEO's sale of 195,000 shares for ~$6.64M — with insiders selling ~2,049,664 shares (~$69.35M) over the last quarter, though insiders still own 32.77% of the stock.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $21.87, but opened at $23.33. Nano Nuclear Energy shares last traded at $24.1540, with a volume of 928,492 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NNE shares. Benchmark restated a "buy" rating on shares of Nano Nuclear Energy in a research note on Wednesday, February 18th. Texas Capital upgraded shares of Nano Nuclear Energy to a "strong-buy" rating in a research note on Tuesday, January 27th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Nano Nuclear Energy in a research note on Thursday, January 22nd. Two 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 issued a Sell rating to the stock. Based on data from MarketBeat, Nano Nuclear Energy presently has an average rating of "Moderate Buy" and a consensus target price of $47.00.

Nano Nuclear Energy Stock Up 9.7%

The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -22.25 and a beta of 7.25. The firm's 50 day moving average is $23.86 and its two-hundred day moving average is $32.17.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.19. On average, analysts anticipate that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Insider Activity

In related news, Director Seth Jason Berl sold 3,664 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $27.69, for a total transaction of $101,456.16. Following the sale, the director owned 3,836 shares in the company, valued at $106,218.84. This represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James John Walker sold 195,000 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $34.04, for a total transaction of $6,637,800.00. Following the sale, the chief executive officer owned 250,000 shares in the company, valued at approximately $8,510,000. This trade represents a 43.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,049,664 shares of company stock valued at $69,352,176 over the last quarter. Corporate insiders own 32.77% of the company's stock.

Institutional Investors Weigh In On Nano Nuclear Energy

Several institutional investors and hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. raised its stake in Nano Nuclear Energy by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 4,369 shares of the company's stock worth $105,000 after acquiring an additional 381 shares during the period. US Bancorp DE increased its stake in shares of Nano Nuclear Energy by 51.9% in the third quarter. US Bancorp DE now owns 1,171 shares of the company's stock valued at $45,000 after purchasing an additional 400 shares during the period. CWM LLC increased its stake in shares of Nano Nuclear Energy by 17.7% in the third quarter. CWM LLC now owns 3,837 shares of the company's stock valued at $148,000 after purchasing an additional 576 shares during the period. Swiss National Bank increased its stake in shares of Nano Nuclear Energy by 1.2% in the third quarter. Swiss National Bank now owns 60,300 shares of the company's stock valued at $2,325,000 after purchasing an additional 700 shares during the period. Finally, Arizona State Retirement System increased its stake in shares of Nano Nuclear Energy by 8.6% in the third quarter. Arizona State Retirement System now owns 9,179 shares of the company's stock valued at $354,000 after purchasing an additional 727 shares during the period.

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.

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