Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) Sees Large Increase in Short Interest

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

Nano Labs Stock Performance

NASDAQ NA opened at $3.04 on Wednesday. The firm has a market capitalization of $89.75 million, a P/E ratio of -0.56 and a beta of 3.12. The stock has a 50-day simple moving average of $3.94 and a two-hundred day simple moving average of $5.61. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.76 and a current ratio of 1.81. Nano Labs has a fifty-two week low of $2.75 and a fifty-two week high of $31.48.

Nano Labs declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 15th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Nano Labs

An institutional investor recently bought a new position in Nano Labs stock. Vontobel Holding Ltd. bought a new stake in shares of Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 46,681 shares of the company’s stock, valued at approximately $252,000. Vontobel Holding Ltd. owned approximately 0.16% of Nano Labs at the end of the most recent reporting period. Hedge funds and other institutional investors own 50.68% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nano Labs in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus 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. In addition, it engages in the research and development of software. Its customers include enterprises and individual buyers.