Nano Nuclear Energy (NASDAQ:NNE) Trading Up 9.2% – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price rose 9.2% on Monday . The stock traded as high as $30.40 and last traded at $30.14. Approximately 1,065,163 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 1,530,175 shares. The stock had previously closed at $27.61.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NNE shares. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research report on Friday, December 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research report on Wednesday, October 8th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Nano Nuclear Energy Trading Up 13.9%

The company has a 50 day moving average price of $34.30 and a 200 day moving average price of $36.56. The company has a market capitalization of $1.59 billion, a P/E ratio of -30.15 and a beta of 7.48.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings data on Thursday, December 18th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.14. As a group, sell-side analysts forecast that Nano Nuclear Energy Inc. will post -0.92 EPS for the current fiscal year.

Insider Transactions at Nano Nuclear Energy

In other news, CEO James John Walker sold 25,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $30.12, for a total transaction of $753,000.00. Following the transaction, the chief executive officer owned 275,000 shares in the company, valued at approximately $8,283,000. This trade represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenny Joe Yung Yu sold 40,000 shares of the business’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $32.43, for a total value of $1,297,200.00. Following the completion of the sale, the director owned 15,000 shares of the company’s stock, valued at $486,450. This trade represents a 72.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,916,000 shares of company stock worth $55,801,077. 32.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nano Nuclear Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Archer Investment Corp bought a new position in shares of Nano Nuclear Energy in the third quarter worth $39,000. Tripletail Wealth Management LLC acquired a new position in shares of Nano Nuclear Energy in the 3rd quarter valued at approximately $43,000. US Bancorp DE lifted its holdings in shares of Nano Nuclear Energy by 51.9% during the 3rd quarter. US Bancorp DE now owns 1,171 shares of the company’s stock worth $45,000 after acquiring an additional 400 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nano Nuclear Energy during the 3rd quarter worth approximately $48,000. Finally, NewEdge Advisors LLC boosted its position in shares of Nano Nuclear Energy by 385.8% during the 1st quarter. NewEdge Advisors LLC now owns 1,914 shares of the company’s stock worth $51,000 after acquiring an additional 1,520 shares in the last quarter.

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.