Nano Labs (NASDAQ:NA) Shares Down 0.7% – What’s Next?

Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) shares dropped 0.7% on Thursday . The stock traded as low as $2.98 and last traded at $2.99. Approximately 30,080 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 166,022 shares. The stock had previously closed at $3.01.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Labs in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Nano Labs Stock Up 4.3%

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.81 and a quick ratio of 1.76. The business’s fifty day moving average price is $4.23 and its two-hundred day moving average price is $5.94. The stock has a market capitalization of $92.10 million, a PE ratio of -0.58 and a beta of 3.12.

Nano Labs announced that its Board of Directors has approved a share buyback plan on Wednesday, October 15th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Nano Labs

A hedge fund recently raised its stake in Nano Labs stock. Smartleaf Asset Management LLC increased its stake in shares of Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) by 91,223.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 780,817 shares of the company’s stock after acquiring an additional 779,962 shares during the period. Smartleaf Asset Management LLC owned about 2.65% of Nano Labs worth $4,060,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 50.68% of the company’s stock.

About Nano Labs

Nano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. It develops high throughput computing and high-performance computing chips. The company also offers distributed computing and storage solutions, smart network interface cards, and vision computing chips, as well as distributed rendering technology. In addition, it engages in the research and development of software. Its customers include enterprises and individual buyers.