Nano Nuclear Energy (NASDAQ:NNE) Shares Up 1.7% - Here's What Happened

Key Points

• Nano Nuclear Energy shares rose 1.7% on Thursday, trading as high as $19.49 before closing at $19.29. Volume was 1.78 million shares, below its average daily volume.
• Analyst sentiment is still mixed but generally constructive: the stock has a Moderate Buy consensus rating and a consensus price target of $48.67, though Weiss Ratings maintained a sell rating.
• The company recently reported a narrower-than-expected quarterly loss, with EPS of -$0.18 versus expectations for -$0.26. Insider selling has also been notable, including transactions by the CEO and chairman in June.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s share price traded up 1.7% during trading on Thursday . The stock traded as high as $19.49 and last traded at $19.29. 1,779,716 shares traded hands during trading, a decline of 23% from the average daily volume of 2,323,965 shares. The stock had previously closed at $18.96.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NNE. Weiss Ratings restated a "sell (d-)" rating on shares of Nano Nuclear Energy in a research note on Tuesday, April 21st. Roth Capital initiated 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. Benchmark reissued a "buy" rating on shares of Nano Nuclear Energy in a report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Nano Nuclear Energy from a "strong sell" rating to a "sell" rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.67.

Nano Nuclear Energy Trading Up 1.7%

The firm has a 50 day moving average price of $24.68 and a 200-day moving average price of $25.96. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -27.96 and a beta of 5.27.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.08. As a group, equities analysts expect that Nano Nuclear Energy Inc. will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO James John Walker sold 123,688 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $26.49, for a total value of $3,276,495.12. Following the completion of the transaction, the chief executive officer directly owned 555,000 shares in the company, valued at approximately $14,701,950. This represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Jiang Yu sold 700,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $26.68, for a total value of $18,676,000.00. Following the completion of the transaction, the chairman owned 8,224,000 shares in the company, valued at approximately $219,416,320. This trade represents a 7.84% decrease in their ownership of the stock. 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 sold a total of 1,616,981 shares of company stock worth $43,096,346 in the last three months. 32.77% of the stock is currently owned by insiders.

Institutional Trading of Nano Nuclear Energy

Large investors have recently modified their holdings of the business. Van ECK Associates Corp increased its position in shares of Nano Nuclear Energy by 24.7% in the 4th quarter. Van ECK Associates Corp now owns 3,241,350 shares of the company's stock worth $77,825,000 after purchasing an additional 643,070 shares during the last quarter. Vanguard Group Inc. raised its position 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 worth $54,360,000 after purchasing an additional 486,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Nano Nuclear Energy by 11,676.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,726,250 shares of the company's stock valued at $66,564,000 after purchasing an additional 1,711,592 shares during the period. Weiss Asset Management LP acquired a new position in Nano Nuclear Energy during the 4th quarter valued at approximately $38,224,000. Finally, Ghisallo Capital Management LLC bought a new position in Nano Nuclear Energy during the 4th quarter worth $38,224,000.

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.

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