Nano Labs (NASDAQ:NA) Stock Price Down 0.7% – Here’s What Happened

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nano Labs in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Nano Labs Trading Down 0.7%

The business has a 50 day moving average of $4.28 and a two-hundred day moving average of $5.94. The firm has a market capitalization of $88.28 million, a price-to-earnings ratio of -0.55 and a beta of 3.12. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.76 and a current ratio of 1.81.

Nano Labs declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 15th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Nano Labs

An institutional investor recently bought a new position in Nano Labs stock. Vontobel Holding Ltd. acquired a new position in shares of Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 46,681 shares of the company’s stock, valued at approximately $252,000. Vontobel Holding Ltd. owned about 0.16% of Nano Labs at the end of the most recent quarter. Hedge funds and other institutional investors own 50.68% of the company’s stock.

Nano Labs Company Profile

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.