Nano Labs (NASDAQ:NA - Get Free Report) announced that its board has approved a share buyback program on Wednesday, October 15th, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.
Nano Labs Stock Performance
Shares of NASDAQ NA traded down $0.11 during midday trading on Wednesday, hitting $5.50. The company's stock had a trading volume of 206,928 shares, compared to its average volume of 164,702. Nano Labs has a 1 year low of $2.77 and a 1 year high of $31.48. The company has a current ratio of 1.81, a quick ratio of 1.76 and a debt-to-equity ratio of 0.28. The business's fifty day simple moving average is $5.18 and its two-hundred day simple moving average is $5.96.
Analysts Set New Price Targets
Several equities analysts recently weighed in on NA shares. Wall Street Zen upgraded Nano Labs to a "hold" rating in a research note on Saturday, July 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Nano Labs in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of "Sell".
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Nano Labs Company Profile
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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.
Further Reading
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