Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 10 2024
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Source: Business Insider
Top Gainers:
- Marin Software (MRIN) stock surges over 67% after upgrading integration with Microsoft Advertising.
- iCoreConnect (ICCT) shares soar by more than 39% with heavy pre-market trading.
- Nano Labs (NA) stock jumps over 35% following the filing of its 2023 annual report.
- Jaguar Health (JAGX) shares increase by more than 34% after revealing results from a shareholder meeting.
- IN8bio (INAB) stock gains over 22% alongside preclinical data.
Top Losers:
- Ascent Solar Technologies (ASTI) stock plummets more than 49% after launching a public offering.
- FutureFuel (FF) shares dive over 28% post announcement of an upcoming earnings report.
- Velo3D (VLD) stock tumbles more than 27% following a proposed public offering.
- Biophytis (BPTS) shares take a beating of over 20% after a rally yesterday.
- PainReform (PRFX) stock falls more than 19% continuing negative movement from the previous day.
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Analyst Views on NA
Wall Street analysts forecast NA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NA is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
0 Buy
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0 Sell
Current: 3.670
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Current: 3.670
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High
About NA
Nano Labs Ltd is a holding company mainly engaged in the provision of fabless integrated circuit (IC) and product solutions. The Company is mainly engaged in the development of high throughput computing (HTC) chips, high performance computing (HPC) chips, distributed computing and storage solutions, smart network interface cards (NICs) vision computing chips and distributed rendering. The Company conducts its businesses primarily through its subsidiaries. The Company mainly conducts its businesses in the domestic market and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Nano Labs Advances BNB Strategy and Launches $25 Million Share Buyback Program
- Capital Strategy Shift: Amid a volatile year, Nano Labs has strengthened its long-term strategic reserve by expanding its BNB holdings to over 130,000 BNB, valued at approximately $112 million, aiming to enhance shareholder returns and navigate market fluctuations.
- Buyback Program Initiation: The company confirmed the launch of a previously approved $25 million share repurchase program, planning to continue buying back shares as market conditions permit, which will balance capital allocation with the value of its BNB reserves and bolster investor confidence.
- Web3 Business Pivot: While primarily generating revenue from its fabless chip design business, Nano Labs is gradually shifting towards digital asset management, establishing a significant BNB reserve to address slowing mining hardware sales and capture future earnings tied to crypto market cycles.
- Stock Price Recovery: Following the announcement of these strategies, Nano Labs shares rose 8.55% to $3.30 in premarket trading on Wednesday, indicating a positive market response to its new strategy, which may help mitigate the stock's decline of over 66% year-to-date.
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Nano Labs Completes $112 Million BNB Acquisition Initiative
- Strategic Reserve Enhancement: Nano Labs currently holds over 130,000 BNB valued at approximately $112 million, further solidifying the company's long-term BNB reserve strategy and enhancing its market position in the Web 3.0 sector.
- Share Repurchase Program Initiated: The company's Board of Directors has approved a share repurchase program valued up to $25 million, which has now formally commenced, aiming to enhance long-term corporate value and safeguard shareholder interests through effective market capitalization management.
- Market Condition Consideration: Nano Labs intends to continue executing the share repurchase program based on market conditions, which not only aids in optimizing capital allocation but also boosts shareholder confidence in an uncertain market environment.
- Diversified Asset Strategy: Nano Labs actively positions itself in the crypto asset space by adopting BNB as its primary reserve asset while also holding mainstream cryptocurrencies like BTC, creating a comprehensive platform that spans multiple business verticals and strengthens the company's competitive edge.
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