Weidai (NYSE:WEI) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Weidai (NYSE:WEI) from a hold rating to a sell rating in a report released on Saturday, Zacks.com reports.

According to Zacks, “Weidai Ltd. provides lending services. The Company offers micro-lending, automobile finance, short term loans and credit cards services. Weidai Ltd. is based in Hangzhou, China. “

Several other analysts also recently commented on the stock. ValuEngine raised shares of Weidai from a sell rating to a hold rating in a research report on Thursday, November 14th. Citigroup downgraded shares of Weidai from a neutral rating to a sell rating and decreased their target price for the stock from $11.50 to $5.40 in a research report on Thursday, October 3rd. Finally, Morgan Stanley downgraded shares of Weidai from an overweight rating to an underweight rating in a research report on Tuesday, January 21st.

WEI traded down $0.11 on Friday, reaching $2.55. 70,714 shares of the company traded hands, compared to its average volume of 44,364. The stock’s 50 day moving average price is $2.99 and its 200-day moving average price is $5.84. Weidai has a 52-week low of $2.35 and a 52-week high of $13.63. The company has a market cap of $187.39 million, a price-to-earnings ratio of 2.68 and a beta of 0.31.

An institutional investor recently raised its position in Weidai stock. Millennium Management LLC boosted its stake in shares of Weidai Ltd (NYSE:WEI) by 101.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 39,468 shares of the company’s stock after buying an additional 2,853,468 shares during the period. Millennium Management LLC owned approximately 0.06% of Weidai worth $240,000 as of its most recent filing with the SEC. 0.77% of the stock is owned by institutional investors.

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.

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