EHang Holdings closed its earnings week at $6.68 — down 35% on the month, down 23% on the day of the print — and the positioning data shows almost no sign of a bear retreat.
Short interest has barely budged since the Q1 number hit. At 8.76% of free float, the position has actually crept up 2.5% over the past week, reversing the modest pre-earnings trim that had briefly taken it toward 8.5%. That is a notable development: bears had a chance to cover into the 23% single-day drop on June 9, and most chose not to. The borrow market explains why exits remain difficult. Availability tightened to 8.5% on June 9 — every share in the lending pool is currently lent out, and the ratio of available-to-borrowed shares has fallen further than it was even in the pre-earnings period. There is no slack in the lending pool. Covering requires finding real buyers in the open market, which means the position is sticky even when bears want to move. Cost to borrow edged up to 2.61% — roughly in line with where it has traded for the past two weeks, and well below the 4.5% spike seen in early May — so the carry cost is not forcing anyone's hand.
The ORTEX short score came in at 76.1 on June 9, down from a peak above 79 earlier in the week as SI ticked higher and then slightly eased. The factor score ranks are extreme at the bottom end: short score rank is in the first percentile, and the days-to-cover rank sits at one as well. On the other side of the ledger, the 12-month forward EPS momentum rank is in the 95th percentile — a reflection of the company's own guidance trajectory rather than any near-term revenue certainty. The tension between those two extremes defines the setup: the fundamentals story is about a commercial ramp that hasn't appeared yet, while the positioning data shows a short book that is dug in and structurally unable to exit cleanly.
The analyst picture moved against the stock at exactly the wrong moment. UBS downgraded to Neutral and halved the target to $11.10 on June 4 — the same week the print arrived. That followed JP Morgan's November cut from Overweight to Neutral at a $13 target. The formal consensus still carries a majority of buy ratings, but most of those reflect initiations from earlier in 2025 at targets between $20 and $30 — all of which are now well above the current $6.68. The mean price target across the coverage list reads at $116, which is clearly a data artefact reflecting stale or mismatched entries; the two most recent actionable targets are $11.10 and $13.00, and the stock is below both. The revenue reality — $3.72M in Q1 against full-year guidance of $85.8M — leaves the credibility of any target contingent entirely on a delivery acceleration that has not yet materialized.
Peers confirm the sector is under pressure too, not just EH. ACHR fell 21% on the week. EVTL dropped 21.4%. EVEX lost 21.9%. The eVTOL complex moved as a group, suggesting macro-level sentiment shifted against the sector broadly after EHang's print. EH underperformed even within that group, with the -34.6% weekly move roughly 13 percentage points worse than the peer median.
The setup entering the post-earnings period is one of structural entrenchment: bears hold a position they cannot easily exit, the borrow market has re-tightened after the print rather than loosening, and the company's credibility around its $85.8M full-year revenue target is now the single variable every holder and short seller will be tracking over the next two quarters.
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