EHang (NASDAQ:EH) Shares Gap Down After Analyst Downgrade

EHang Holdings Limited (NASDAQ:EH - Get Free Report)'s stock price gapped down before the market opened on Tuesday after Bank of America lowered their price target on the stock from $26.00 to $24.00. The stock had previously closed at $16.96, but opened at $15.78. Bank of America currently has a buy rating on the stock. EHang shares last traded at $15.68, with a volume of 1,154,239 shares.

Other research analysts have also recently issued reports about the stock. Daiwa America raised shares of EHang to a "strong-buy" rating in a report on Tuesday, April 1st. Jefferies Financial Group started coverage on shares of EHang in a report on Monday, May 5th. They issued a "buy" rating and a $30.40 target price for the company. Deutsche Bank Aktiengesellschaft raised shares of EHang from a "hold" rating to a "buy" rating and decreased their target price for the stock from $22.00 to $20.00 in a report on Monday, April 14th. Finally, Daiwa Capital Markets started coverage on shares of EHang in a report on Wednesday, April 2nd. They issued a "buy" rating and a $30.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, EHang currently has a consensus rating of "Buy" and a consensus target price of $25.28.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EH. KADENSA CAPITAL Ltd raised its holdings in shares of EHang by 585.4% during the first quarter. KADENSA CAPITAL Ltd now owns 759,180 shares of the company's stock valued at $15,859,000 after purchasing an additional 648,412 shares during 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 valued at $14,291,000 after purchasing an additional 573,248 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of EHang during the first quarter valued at approximately $8,162,000. Norges Bank purchased a new position in shares of EHang during the fourth quarter valued at approximately $3,809,000. Finally, Lighthouse Investment Partners LLC purchased a new position in shares of EHang during the fourth quarter valued at approximately $1,977,000. 94.03% of the stock is owned by hedge funds and other institutional investors.

EHang Price Performance

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 firm's fifty day moving average price is $17.40 and its two-hundred day moving average price is $17.98. The stock has a market capitalization of $1.17 billion, a PE ratio of -30.04 and a beta of 1.10.

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.