Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) Short Interest Update

Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totaling 459,438 shares, a growth of 55.3% from the November 30th total of 295,847 shares. Based on an average daily trading volume, of 199,387 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.6% of the company’s shares are short sold. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 199,387 shares, the days-to-cover ratio is currently 2.3 days.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Nano Labs in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

Hedge Funds Weigh In On Nano Labs

An institutional investor recently raised its position in Nano Labs stock. Smartleaf Asset Management LLC lifted its stake in shares of Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) by 91,223.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 780,817 shares of the company’s stock after acquiring an additional 779,962 shares during the quarter. Smartleaf Asset Management LLC owned approximately 2.65% of Nano Labs worth $4,060,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 50.68% of the company’s stock.

Nano Labs Stock Down 2.1%

NASDAQ:NA traded down $0.07 on Monday, reaching $3.10. 14,229 shares of the stock traded hands, compared to its average volume of 264,652. 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 company has a market capitalization of $91.36 million, a price-to-earnings ratio of -0.57 and a beta of 3.12. Nano Labs has a 12 month low of $2.75 and a 12 month high of $31.48. The company’s fifty day simple moving average is $4.02 and its 200 day simple moving average is $5.72.

Nano Labs announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 15th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are 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.