EHang (NASDAQ:EH) Reaches New 52-Week Low After Analyst Downgrade
EHang (NASDAQ:EH) shares hit a new 52-week low after JPMorgan Chase & Co. downgraded the stock from overweight to neutral, reducing the price target from $21.00 to $13.00. The stock traded as low as $13.45, closing at $13.6710. Despite mixed ratings from other analysts, institutional investors have significantly increased their holdings in EHang.
EHang Holdings Limited Unsponsored ADR (NASDAQ:EH - Get Free Report) shares hit a new 52-week low during trading on Tuesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. JPMorgan Chase & Co. now has a $13.00 price target on the stock, down from their previous price target of $21.00. EHang traded as low as $13.45 and last traded at $13.6710, with a volume of 360662 shares. The stock had previously closed at $14.15.
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EH has been the subject of several other reports. Wall Street Zen raised EHang from a "sell" rating to a "hold" rating in a research note on Saturday, October 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of EHang in a report on Wednesday, October 8th. Finally, Dbs Bank initiated coverage on shares of EHang in a research report on Thursday, October 2nd. They set a "buy" rating on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $23.48.
View Our Latest Stock Report on EH
Institutional Investors Weigh In On EHang
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Hedge funds have recently modified their holdings of the business. KADENSA CAPITAL Ltd increased its stake in EHang by 585.4% during the 1st quarter. KADENSA CAPITAL Ltd now owns 759,180 shares of the company's stock worth $15,859,000 after purchasing an additional 648,412 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of EHang by 517.1% during the first quarter. Cubist Systematic Strategies LLC now owns 684,103 shares of the company's stock worth $14,291,000 after acquiring an additional 573,248 shares during the period. Tiger Pacific Capital LP bought a new stake in EHang in the 3rd quarter valued at $8,948,000. Norges Bank bought a new position in EHang during the 2nd quarter worth about $7,669,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of EHang in the 1st quarter valued at about $8,162,000. Institutional investors and hedge funds own 94.03% of the company's stock.
EHang Price Performance
The stock has a market cap of $982.02 million, a price-to-earnings ratio of -27.32 and a beta of 1.11. The company has a 50 day simple moving average of $17.30 and a 200-day simple moving average of $17.28. The company has a current ratio of 2.50, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06.
About EHang
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EHang Holdings Limited operates as an autonomous aerial vehicle (AAV) technology platform company in the People's Republic of China, East Asia, West Asia, Europe, and internationally. It designs, develops, manufactures, sells, and operates AAVs, as well as their supporting systems and infrastructure for various industries and applications, including passenger transportation, logistics, smart city management, and aerial media solutions.
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