Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 7.7% - Here's What Happened

Key Points

• Nano Nuclear Energy shares fell 7.7% on Friday, trading as low as $15.71 and closing at $15.58, well below the previous close of $16.88. Volume was also lighter than usual at about 1.14 million shares, roughly half the average session volume.
• Analyst sentiment remains mixed, with recent actions including downgrades from Wall Street Zen and Weiss Ratings, while Roth Capital and Benchmark kept bullish views. The stock’s consensus rating is still Moderate Buy, with a consensus price target of $39.00.
• Insider selling has been significant: Chairman Jiang Yu and Director Seth Jason Berl both sold shares recently, and insiders have sold 1.62 million shares worth about $43.1 million over the last 90 days. Despite the pullback, the company recently beat quarterly EPS expectations, reporting a loss of $0.18 per share versus estimates of $0.26.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s stock price fell 7.7% during trading on Friday . The company traded as low as $15.71 and last traded at $15.58. Approximately 1,138,859 shares were traded during trading, a decline of 50% from the average session volume of 2,295,657 shares. The stock had previously closed at $16.88.

Analyst Upgrades and Downgrades

NNE has been the subject of a number of research reports. Wall Street Zen lowered shares of Nano Nuclear Energy from a "sell" rating to a "strong sell" rating in a report on Saturday, July 18th. Roth Capital initiated coverage on 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nano Nuclear Energy in a research report on Friday, July 17th. Benchmark restated a "buy" rating on shares of Nano Nuclear Energy in a research report on Friday, June 26th. Finally, Truist Financial started coverage on shares of Nano Nuclear Energy in a research report on Monday, July 13th. They set a "hold" rating and a $22.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Nano Nuclear Energy Stock Performance

The firm has a market cap of $813.54 million, a price-to-earnings ratio of -22.64 and a beta of 5.27. The stock has a 50-day moving average of $22.81 and a 200-day moving average of $25.11.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.08. Sell-side analysts predict that Nano Nuclear Energy Inc. will post -0.93 EPS for the current fiscal year.

Insider Activity

In other Nano Nuclear Energy news, Chairman Jiang Yu sold 700,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.68, for a total transaction of $18,676,000.00. Following the transaction, the chairman owned 8,224,000 shares in the company, valued at $219,416,320. This represents a 7.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Seth Jason Berl sold 3,750 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $24.92, for a total transaction of $93,450.00. Following the completion of the transaction, the director owned 7,586 shares of the company's stock, valued at $189,043.12. The trade was a 33.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,616,981 shares of company stock worth $43,096,346. Corporate insiders own 32.77% of the company's stock.

Hedge Funds Weigh In On Nano Nuclear Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its position in Nano Nuclear Energy by 51.9% in the third quarter. US Bancorp DE now owns 1,171 shares of the company's stock worth $45,000 after purchasing an additional 400 shares during the last quarter. Harbour Investments Inc. increased its position in shares of Nano Nuclear Energy by 275.7% in the fourth quarter. Harbour Investments Inc. now owns 1,176 shares of the company's stock worth $28,000 after purchasing an additional 863 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nano Nuclear Energy in the 3rd quarter worth about $48,000. Thurston Springer Miller Herd & Titak Inc. raised its position in Nano Nuclear Energy by 165.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,339 shares of the company's stock worth $32,000 after purchasing an additional 835 shares during the period. Finally, Ascentis Independent Advisors bought a new position in shares of Nano Nuclear Energy in the first quarter worth approximately $36,000.

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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