Stock Buyback Plan Declared by Nano Labs (NASDAQ:NA) Board of Directors

Nano Labs (NASDAQ:NA) announced that its board has approved a stock buyback program on Wednesday, October 15th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Nano Labs Price Performance

Shares of NASDAQ NA opened at $5.03 on Friday. Nano Labs has a 1 year low of $2.77 and a 1 year high of $31.48. The firm has a 50-day moving average of $5.20 and a 200 day moving average of $5.97. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.81 and a quick ratio of 1.76.

Analysts Set New Price Targets

NA has been the subject of several research analyst reports. Wall Street Zen raised shares of Nano Labs to a “hold” rating in a research report on Saturday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Nano Labs in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

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.