Varma Mutual Pension Insurance Co Purchases Shares of 680,000 WeRide Inc. $WRD

Varma Mutual Pension Insurance Co acquired a new position in WeRide Inc. (NASDAQ:WRD) during the third quarter, HoldingsChannel reports. The firm acquired 680,000 shares of the company’s stock, valued at approximately $6,732,000.

Other institutional investors have also modified their holdings of the company. Robert Bosch GmbH acquired a new stake in WeRide during the 2nd quarter worth approximately $32,424,000. MY.Alpha Management HK Advisors Ltd purchased a new position in shares of WeRide in the 2nd quarter valued at $6,374,000. Bank of America Corp DE purchased a new stake in WeRide during the 2nd quarter worth $4,687,000. Brighton Jones LLC acquired a new stake in WeRide in the 3rd quarter valued at $4,404,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in WeRide in the third quarter valued at about $4,108,000.

Wall Street Analysts Forecast Growth

WRD has been the subject of a number of recent research reports. Citigroup reiterated a “buy” rating on shares of WeRide in a research note on Monday, January 19th. Bank of America assumed coverage on shares of WeRide in a research report on Monday, December 1st. They issued a “buy” rating and a $12.00 price objective for the company. CLSA assumed coverage on shares of WeRide in a research report on Monday, January 5th. They set an “outperform” rating and a $13.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of WeRide in a report on Monday, December 29th. Finally, Macquarie Capit raised shares of WeRide to a “strong-buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $13.13.

WeRide Trading Up 1.5%

WRD stock opened at $7.57 on Friday. The firm has a 50 day simple moving average of $8.65 and a 200-day simple moving average of $9.26. The company has a market capitalization of $2.45 billion, a P/E ratio of -9.01 and a beta of 4.32. WeRide Inc. has a twelve month low of $6.03 and a twelve month high of $44.00.

WeRide Profile

WeRide Inc (NASDAQ: WRD) is a developer of autonomous driving technology focused on providing Level 4 (L4) self-driving solutions for passenger mobility and logistics. The company’s full-stack platform integrates sensors, computing hardware, software algorithms and vehicle controls to enable driverless taxis, shuttles and goods delivery vehicles. By combining perception, planning and controls in a turnkey system, WeRide aims to accelerate the commercialization of robotaxi services and autonomous fleet operations.

Founded in 2017 and headquartered in Guangzhou, China, WeRide maintains research and development centers in Silicon Valley and China.