WeRide (NASDAQ:WRD) Shares Up 7.3% – Here’s Why

WeRide Inc. (NASDAQ:WRD)’s stock price was up 7.3% during trading on Tuesday . The stock traded as high as $6.79 and last traded at $6.7480. Approximately 1,811,514 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 3,661,143 shares. The stock had previously closed at $6.29.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Bank of America assumed coverage on WeRide in a research note on Monday, December 1st. They set a “buy” rating and a $12.00 price objective for the company. CLSA initiated coverage on shares of WeRide in a research report on Monday, January 5th. They set an “outperform” rating and a $13.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of WeRide in a research note on Monday, December 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of WeRide in a report on Monday, January 19th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.13.

WeRide Stock Up 10.3%

The company has a 50 day simple moving average of $8.08 and a 200-day simple moving average of $9.00. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -8.26 and a beta of 4.35.

Hedge Funds Weigh In On WeRide

Several large investors have recently added to or reduced their stakes in WRD. NewEdge Advisors LLC acquired a new position in WeRide in the first quarter worth $27,000. SBI Securities Co. Ltd. raised its holdings in shares of WeRide by 1,263.6% during the second quarter. SBI Securities Co. Ltd. now owns 3,559 shares of the company’s stock worth $28,000 after purchasing an additional 3,298 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of WeRide during the second quarter worth $30,000. Leonteq Securities AG bought a new position in shares of WeRide in the 4th quarter worth about $36,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of WeRide in the 4th quarter valued at about $65,000.

About WeRide

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.