Nano Nuclear Energy (NASDAQ:NNE) Shares Gap Up – Here’s Why

Nano Nuclear Energy Inc. (NASDAQ:NNE)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $26.73, but opened at $29.07. Nano Nuclear Energy shares last traded at $28.85, with a volume of 1,336,877 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Benchmark reissued a “buy” rating on shares of Nano Nuclear Energy in a research note on Wednesday. Wall Street Zen raised shares of Nano Nuclear Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued 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, Nano Nuclear Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Nano Nuclear Energy Price Performance

The firm’s 50 day moving average price is $23.78 and its 200-day moving average price is $27.97. The stock has a market cap of $1.49 billion, a P/E ratio of -41.44 and a beta of 5.15.

Nano Nuclear Energy (NASDAQ:NNE) last issued its earnings results on Thursday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.08. On average, analysts expect that Nano Nuclear Energy Inc. will post -1.02 earnings per share for the current year.

Insider Activity

In other news, Director Seth Jason Berl sold 3,664 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $27.69, for a total value of $101,456.16. Following the transaction, the director owned 3,836 shares in the company, valued at approximately $106,218.84. This represents a 48.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 32.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. raised its holdings in shares of Nano Nuclear Energy by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 4,369 shares of the company’s stock valued at $105,000 after purchasing an additional 381 shares during the last quarter. US Bancorp DE raised its holdings in shares of Nano Nuclear Energy by 51.9% during the third quarter. US Bancorp DE now owns 1,171 shares of the company’s stock valued at $45,000 after purchasing an additional 400 shares during the last quarter. Swiss National Bank raised its holdings in shares of Nano Nuclear Energy by 1.2% during the third quarter. Swiss National Bank now owns 60,300 shares of the company’s stock valued at $2,325,000 after purchasing an additional 700 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Nano Nuclear Energy by 8.6% during the third quarter. Arizona State Retirement System now owns 9,179 shares of the company’s stock valued at $354,000 after purchasing an additional 727 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Nano Nuclear Energy by 4.3% during the first quarter. The Manufacturers Life Insurance Company now owns 19,058 shares of the company’s stock valued at $390,000 after purchasing an additional 793 shares during the last quarter.

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.