EHang (NASDAQ:EH) Stock Price Down 3.6% – Here’s What Happened

EHang Holdings Limited (NASDAQ:EH)’s share price dropped 3.6% during mid-day trading on Friday . The company traded as low as $14.96 and last traded at $15.10. Approximately 710,492 shares changed hands during trading, a decline of 46% from the average daily volume of 1,306,342 shares. The stock had previously closed at $15.67.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EH. China Renaissance began coverage on shares of EHang in a research report on Tuesday, September 24th. They issued a “buy” rating for the company. CICC Research initiated coverage on EHang in a research note on Thursday. They set an “outperform” rating for the company.

EHang Price Performance

The stock has a market cap of $979.26 million, a price-to-earnings ratio of -28.56 and a beta of 0.94. The company’s 50 day moving average is $15.74 and its 200 day moving average is $14.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.39 and a quick ratio of 2.25.

Hedge Funds Weigh In On EHang

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in EHang in the third quarter valued at $104,000. Point72 Hong Kong Ltd acquired a new stake in EHang in the 3rd quarter valued at about $118,000. Quantbot Technologies LP increased its holdings in EHang by 78.2% during the 3rd quarter. Quantbot Technologies LP now owns 9,348 shares of the company’s stock valued at $132,000 after acquiring an additional 4,101 shares in the last quarter. XTX Topco Ltd acquired a new position in EHang during the second quarter worth about $383,000. Finally, Verition Fund Management LLC purchased a new stake in shares of EHang in the third quarter valued at about $508,000. 94.03% of the stock is owned by institutional investors and hedge funds.

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.