Nano Labs (NASDAQ:NA) Stock Price Down 2.1% – Here’s What Happened

Nano Labs Ltd. Sponsored ADR (NASDAQ:NA)’s stock price dropped 2.1% during mid-day trading on Friday. The stock traded as low as $1.32 and last traded at $1.37. 32,892 shares were traded during mid-day trading, an increase of 25% from the average session volume of 26,230 shares. The stock had previously closed at $1.40.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Nano Labs from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, September 21st. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Nano Labs Stock Down 2.1%

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.17. The stock’s 50 day moving average price is $2.01 and its two-hundred day moving average price is $2.34.

Nano Labs (NASDAQ:NA) last issued its quarterly earnings results on Friday, August 28th. The company reported ($1.00) earnings per share (EPS) for the quarter. The firm had revenue of $0.20 million during the quarter.

Insiders Place Their Bets

In related news, Director Nan Hu sold 11,165 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $2.25, for a total transaction of $25,121.25. Following the completion of the sale, the director owned 27,651 shares in the company, valued at $62,214.75. This represents a 28.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

About Nano Labs

Nano Labs Ltd. is a China-based fabless integrated circuit design company focused on high-performance computing and blockchain-related applications. The company develops chips and computing products intended to support cryptocurrency mining, distributed computing, and other computationally intensive workloads.

Its product offerings have included mining machines and high-performance computing solutions built around proprietary application-specific integrated circuits (ASICs), including products designed for the Cuckoo and other blockchain algorithms.