Nano Nuclear Energy (NASDAQ:NNE) Hits New 12-Month Low - Here's What Happened

Key Points

• Nano Nuclear Energy shares fell 5.6%, touching a new 52-week low of $11.53 and trading well below their 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a generally positive view: the stock has a consensus “Moderate Buy” rating and an average price target of $37.71, substantially above its current price.
• The company reported a quarterly loss of $0.19 per share, better than the expected $0.26 loss, but revenue of $0.21 million came in below the $0.50 million forecast; CEO James Walker also sold 25,000 shares under a pre-arranged trading plan.

Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday. The stock traded as low as $11.53 and last traded at $11.4690, with a volume of 42,200 shares trading hands. The stock had previously closed at $12.21.

Analysts Set New Price Targets

A number of equities analysts recently commented on NNE shares. Northland Securities set a $37.00 target price on shares of Nano Nuclear Energy in a research report on Friday, August 14th. Benchmark restated a "buy" rating on shares of Nano Nuclear Energy in a report on Thursday, August 13th. Alliance Global Partners assumed coverage on Nano Nuclear Energy in a research note on Monday, July 27th. They issued a "buy" rating and a $46.00 price target for the company. Needham & Company LLC initiated coverage on shares of Nano Nuclear Energy in a report on Monday, September 21st. They issued a "buy" rating and a $33.00 price target on the stock. Finally, Wall Street Zen raised shares of Nano Nuclear Energy from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.71.

Nano Nuclear Energy Trading Down 5.6%

The firm has a market capitalization of $618.98 million, a PE ratio of -16.65 and a beta of 5.49. The business's 50 day simple moving average is $15.89 and its two-hundred day simple moving average is $21.92.

Nano Nuclear Energy (NASDAQ:NNE - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.19) EPS for the quarter, beating analysts' consensus estimates of ($0.26) by $0.07. The business had revenue of $0.21 million for the quarter, compared to analysts' expectations of $0.50 million. As a group, equities research analysts anticipate that Nano Nuclear Energy Inc. will post -0.80 earnings per share for the current year.

Insider Buying and Selling at Nano Nuclear Energy

In related news, CEO James Walker sold 25,000 shares of Nano Nuclear Energy stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $17.77, for a total transaction of $444,250.00. Following the sale, the chief executive officer owned 635,000 shares of the company's stock, valued at approximately $11,283,950. This trade represents a 3.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 18.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Nano Nuclear Energy during the second quarter valued at approximately $73,826,000. Bank of New York Mellon Corp purchased a new stake in Nano Nuclear Energy during the 2nd quarter worth approximately $2,814,000. Van ECK Associates Corp grew its holdings in shares of Nano Nuclear Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 3,819,847 shares of the company's stock worth $80,752,000 after buying an additional 810,022 shares in the last quarter. Lido Advisors LLC grew its holdings in Nano Nuclear Energy by 1,769.6% in the 1st quarter. Lido Advisors LLC now owns 171,932 shares of the company's stock valued at $3,521,000 after buying an additional 162,736 shares in the last quarter. Finally, Private Wealth Partners LLC increased its holdings in shares of Nano Nuclear Energy by 191.6% during the 1st quarter. Private Wealth Partners LLC now owns 38,200 shares of the company's stock worth $782,000 after buying an additional 25,100 shares during the last quarter.

About Nano Nuclear Energy

Nano Nuclear Energy Inc is a development-stage nuclear technology company focused on providing portable, scalable, and carbon-free energy solutions. The company is developing advanced microreactor technologies intended to serve applications that may be difficult or costly to support with conventional power infrastructure, including remote communities, industrial operations, data centers, and defense-related facilities.

Its reactor portfolio includes the ZEUS solid-core battery reactor and the ODIN low-pressure coolant reactor.

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