Nano Labs (NASDAQ:NA) to Repurchase $0.00 in Stock

Nano Labs (NASDAQ:NA) announced that its Board of Directors has initiated a stock buyback plan on Wednesday, October 15th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently commented on NA shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Labs in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Nano Labs to a “hold” rating in a report on Saturday, July 12th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Nano Labs presently has an average rating of “Sell”.

Nano Labs Trading Down 2.0%

Shares of NASDAQ:NA opened at $5.50 on Thursday. The business has a fifty day simple moving average of $5.18 and a 200-day simple moving average of $5.96. Nano Labs has a 52 week low of $2.77 and a 52 week 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.

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.