Zacks: Weidai Ltd (NYSE:WEI) Given $2.10 Consensus Price Target by Brokerages

Shares of Weidai Ltd (NYSE:WEI) have been assigned a consensus broker rating score of 4.35 (Sell) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong sell rating and one has assigned a sell rating to the company. Weidai’s rating score has declined by 45% from three months ago as a result of various analysts’ upgrades and downgrades.

Brokerages have set a 12 month consensus price objective of $2.10 for the company and are anticipating that the company will post $0.22 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Weidai an industry rank of 164 out of 255 based on the ratings given to related companies.

A number of brokerages have weighed in on WEI. ValuEngine raised Weidai from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Morgan Stanley downgraded Weidai from an “overweight” rating to an “underweight” rating in a report on Tuesday. Finally, Citigroup downgraded Weidai from a “neutral” rating to a “sell” rating and reduced their target price for the company from $11.50 to $5.40 in a report on Thursday, October 3rd.

An institutional investor recently raised its position in Weidai stock. Millennium Management LLC raised its holdings in shares of Weidai Ltd (NYSE:WEI) by 101.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,468 shares of the company’s stock after acquiring an additional 2,853,468 shares during the quarter. Millennium Management LLC owned about 0.06% of Weidai worth $240,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 0.77% of the company’s stock.

Shares of WEI stock traded down $0.03 during trading hours on Friday, reaching $2.66. The company’s stock had a trading volume of 212 shares, compared to its average volume of 44,965. The firm’s 50 day simple moving average is $3.03 and its 200-day simple moving average is $5.87. The company has a market capitalization of $192.32 million, a price-to-earnings ratio of 2.80 and a beta of 0.31. Weidai has a fifty-two week low of $2.35 and a fifty-two week high of $13.63.

Weidai Company Profile

Weidai Ltd., through its subsidiaries, provides auto-backed financing solutions in the People's Republic of China. Its auto-backed financing platform connects borrowers primarily mall and micro enterprise owners with online investors and institutional funding partners. The company was founded in 2011 and is headquartered in Hangzhou, the People's Republic of China.

Read More: Why do analysts give a neutral rating?

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