Nano Nuclear Energy (NASDAQ:NNE) Reaches New 52-Week Low on Analyst Downgrade

Key Points

• Nano Nuclear Energy shares hit a new 52-week low, falling as low as $11.95 after Truist Financial cut its price target from $22 to $19 and maintained a hold rating.
• Despite the downgrade, analysts’ overall view remains “Moderate Buy,” with a consensus price target of $37.71 compared with the stock’s recent price near $12.
• CEO James Walker sold 25,000 shares for approximately $444,250 under a pre-arranged Rule 10b5-1 plan; insiders still own 18.61% of the company, while several investment firms recently initiated or expanded positions.

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE - Get Free Report) reached a new 52-week low during trading on Friday after Truist Financial lowered their price target on the stock from $22.00 to $19.00. Truist Financial currently has a hold rating on the stock. Nano Nuclear Energy traded as low as $11.95 and last traded at $12.21, with a volume of 429,574 shares. The stock had previously closed at $12.53.

NNE has been the subject of a number of other reports. Susquehanna set a $39.00 price target on shares of Nano Nuclear Energy in a research report on Thursday, October 1st. Northland Securities set a $37.00 price objective on Nano Nuclear Energy in a research note on Friday, August 14th. New Street Research set a $45.00 target price on Nano Nuclear Energy in a research report on Thursday, August 13th. Wall Street Zen upgraded Nano Nuclear Energy from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Alliance Global Partners began coverage on Nano Nuclear Energy in a research note on Monday, July 27th. They set a "buy" rating and a $46.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.71.

Insider Buying and Selling

In other Nano Nuclear Energy news, CEO James Walker sold 25,000 shares of the firm's stock in a transaction 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 18.61% of the company's stock.

Institutional Trading of Nano Nuclear Energy

A number of hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its position in shares of Nano Nuclear Energy by 131.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,439 shares of the company's stock valued at $55,000 after purchasing an additional 1,952 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in Nano Nuclear Energy during the third quarter worth about $225,000. Engineers Gate Manager LP purchased a new position in Nano Nuclear Energy during the second quarter worth about $302,000. Integrated Wealth Concepts LLC acquired a new stake in Nano Nuclear Energy in the 2nd quarter worth about $289,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Nano Nuclear Energy in the 2nd quarter worth about $778,000.

Nano Nuclear Energy Stock Performance

The company has a market cap of $649.66 million, a PE ratio of -17.48 and a beta of 5.49. The firm has a fifty day simple moving average of $16.56 and a 200 day simple moving average of $20.39.

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

Nano Nuclear Energy Company Profile

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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