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

Nano Labs Ltd. Sponsored ADR (NASDAQ:NA) shares dropped 2.1% on Wednesday. The company traded as low as $2.25 and last traded at $2.31. 32,058 shares were traded during trading, a decline of 96% from the average daily volume of 761,219 shares. The stock had previously closed at $2.36.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Nano Labs from a “sell (d)” rating to a “sell (e+)” rating in a research report on Monday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Nano Labs Trading Up 2.6%

The company has a current ratio of 1.20, a quick ratio of 1.17 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average price of $2.04 and a 200-day moving average price of $2.26.

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

Insider Buying and Selling

In other news, Director Nan Hu sold 11,165 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $2.25, for a total value of $25,121.25. Following the completion of the transaction, the director directly owned 27,651 shares in the company, valued at approximately $62,214.75. The trade was a 28.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

About Nano Labs

Nano Labs Limited is a China-based fabless integrated circuit design company focused on high-performance computing solutions. The company develops application-specific integrated circuits (ASICs), computing hardware and related products for applications including blockchain, cryptocurrency mining, artificial intelligence and metaverse-related technologies.

Nano Labs’ product portfolio has included high-performance computing chips and cryptocurrency mining machines, including products developed under its Cuckoo and iPollo product lines.