EHang (NASDAQ:EH) Shares Gap Up – Time to Buy?

EHang Holdings Limited (NASDAQ:EH)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $15.24, but opened at $15.73. EHang shares last traded at $16.09, with a volume of 383,485 shares traded.

Wall Street Analysts Forecast Growth

Separately, China Renaissance initiated coverage on shares of EHang in a research report on Tuesday, September 24th. They issued a “buy” rating for the company.

EHang Price Performance

The company has a fifty day simple moving average of $15.87 and a 200 day simple moving average of $14.53. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -29.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.25 and a current ratio of 2.39.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EH. Verition Fund Management LLC bought a new stake in shares of EHang in the 3rd quarter valued at $508,000. XTX Topco Ltd bought a new stake in EHang during the second quarter valued at $383,000. SteelPeak Wealth LLC grew its holdings in EHang by 70.7% during the 3rd quarter. SteelPeak Wealth LLC now owns 67,110 shares of the company’s stock worth $949,000 after acquiring an additional 27,805 shares during the period. State Street Corp raised its position in shares of EHang by 1.2% in the 3rd quarter. State Street Corp now owns 1,299,186 shares of the company’s stock worth $18,370,000 after acquiring an additional 15,781 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of EHang in the 3rd quarter valued at about $118,000. Institutional investors own 94.03% of the company’s stock.

About EHang

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.