Is TuSimple Holdings, Inc. overvalued or undervalued?

As of 3 November 2021, the valuation grade for TuSimple Holdings, Inc. has moved from does not qualify to risky. The company appears to be undervalued given its current price of $0.29, especially when considering its low Price to Book Value of 0.23 and an impressive ROCE of 204.56%. However, the negative ROE of -83.24% raises concerns about profitability.
In comparison to peers, TuSimple's EV to EBITDA ratio stands at 1.37, which is significantly lower than REV Group, Inc. at 12.67 and Blue Bird Corp. at 9.21, indicating that TuSimple may be trading at a discount relative to its industry. Despite recent stock performance showing a decline of 28.73% year-to-date compared to a modest 2.44% gain in the S&P 500, the overall metrics suggest that TuSimple is undervalued in the current market context.