Nano Nuclear Energy (NASDAQ:NNE) Stock Price Down 5% – What’s Next?

Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) dropped 5% on Friday . The stock traded as low as $16.52 and last traded at $16.49. 1,780,074 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 2,208,825 shares. The stock had previously closed at $17.36.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NNE shares. Alliance Global Partners began coverage on Nano Nuclear Energy in a research report on Monday, July 27th. They issued a “buy” rating and a $46.00 price objective on the stock. New Street Research set a $45.00 price target on Nano Nuclear Energy in a report on Thursday, August 13th. Benchmark reiterated a “buy” rating on shares of Nano Nuclear Energy in a research report on Thursday, August 13th. Truist Financial assumed coverage on shares of Nano Nuclear Energy in a research report on Monday, July 13th. They set a “hold” rating and a $22.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Nuclear Energy in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Nano Nuclear Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Nano Nuclear Energy Stock Performance

The firm has a market capitalization of $881.72 million, a P/E ratio of -23.88 and a beta of 5.41. The company has a 50-day moving average price of $18.04 and a 200-day moving average price of $22.06.

Nano Nuclear Energy (NASDAQ:NNE) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $0.50 million. Equities analysts predict that Nano Nuclear Energy Inc. will post -0.8 EPS for the current year.

Insider Activity

In other news, CEO James Walker sold 25,000 shares of the business’s stock in a transaction dated 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 directly owned 635,000 shares in the company, valued at approximately $11,283,950. The trade was a 3.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 18.61% of the company’s stock.

Institutional Trading of Nano Nuclear Energy

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Nano Nuclear Energy during the second quarter valued at approximately $73,826,000. Vanguard Group Inc. raised its holdings in Nano Nuclear Energy by 27.4% in the fourth quarter. Vanguard Group Inc. now owns 2,264,051 shares of the company’s stock worth $54,360,000 after purchasing an additional 486,367 shares during the period. Van ECK Associates Corp boosted its position 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 purchasing an additional 810,022 shares in the last quarter. Lido Advisors LLC grew its holdings in shares of 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 during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Nano Nuclear Energy in the 2nd quarter valued at $2,814,000.

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.