EHang (NASDAQ:EH) Shares Down 4.9% – Here’s Why

EHang Holdings Limited (NASDAQ:EH) shares dropped 4.9% on Monday . The company traded as low as $14.51 and last traded at $14.59. Approximately 776,187 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 1,369,130 shares. The stock had previously closed at $15.34.

Analysts Set New Price Targets

A number of brokerages have issued reports on EH. China Renaissance assumed coverage on shares of EHang in a research report on Tuesday, September 24th. They set a “buy” rating for the company. UBS Group initiated coverage on EHang in a research report on Wednesday, August 28th. They set a “buy” rating and a $22.00 price target for the company.

EHang Price Performance

The business’s 50 day moving average price is $16.12 and its 200-day moving average price is $14.57. The company has a quick ratio of 2.25, a current ratio of 2.39 and a debt-to-equity ratio of 0.01. The company has a market cap of $885.27 million, a PE ratio of -25.81 and a beta of 0.94.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EH. Comerica Bank grew its position in shares of EHang by 685.1% in the 1st quarter. Comerica Bank now owns 1,264 shares of the company’s stock worth $26,000 after acquiring an additional 1,103 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in EHang by 13.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 37,519 shares of the company’s stock valued at $510,000 after purchasing an additional 4,353 shares during the last quarter. Axim Planning & Wealth raised its holdings in shares of EHang by 12.5% during the second quarter. Axim Planning & Wealth now owns 4,693,820 shares of the company’s stock worth $63,742,000 after purchasing an additional 520,733 shares during the period. XTX Topco Ltd bought a new position in shares of EHang in the 2nd quarter worth about $383,000. Finally, SteelPeak Wealth LLC boosted its holdings in shares of EHang by 70.7% in the 3rd quarter. SteelPeak Wealth LLC now owns 67,110 shares of the company’s stock valued at $949,000 after buying an additional 27,805 shares during the period. 94.03% of the stock is owned by institutional investors and hedge funds.

EHang Company Profile

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.