Smartleaf Asset Management LLC Purchases 779,962 Shares of Nano Labs Ltd. Sponsored ADR $NA

Smartleaf Asset Management LLC lifted its position in shares of Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) by 91,223.6% during the third quarter, HoldingsChannel reports. The firm owned 780,817 shares of the company’s stock after buying an additional 779,962 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Nano Labs were worth $4,060,000 at the end of the most recent quarter.

Separately, Vontobel Holding Ltd. bought a new stake in shares of Nano Labs in the 3rd quarter valued at $252,000. Institutional investors and hedge funds own 50.68% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Nano Labs in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Nano Labs Stock Up 5.0%

Shares of NA stock opened at $3.14 on Friday. Nano Labs Ltd. Sponsored ADR has a 12-month low of $2.75 and a 12-month high of $31.48. The company has a quick ratio of 1.76, a current ratio of 1.81 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average of $3.35 and a 200-day moving average of $4.48. The company has a market capitalization of $92.69 million, a price-to-earnings ratio of -0.46 and a beta of 3.16.

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

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.