WeRide (NASDAQ:WRD) Stock Price Down 7.3% – Here’s What Happened

WeRide Inc. (NASDAQ:WRD) dropped 7.3% during mid-day trading on Monday . The company traded as low as $6.04 and last traded at $5.9770. 278,124 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 3,447,454 shares. The stock had previously closed at $6.45.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WRD shares. Bank of America reaffirmed a “buy” rating and set a $10.70 target price on shares of WeRide in a report on Friday, August 14th. Wall Street Zen downgraded WeRide from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings lowered shares of WeRide from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $12.00 target price on shares of WeRide in a report on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.27.

WeRide Stock Up 1.8%

The business’s 50-day moving average price is $5.88 and its 200-day moving average price is $6.80. The firm has a market capitalization of $1.89 billion, a PE ratio of -8.11 and a beta of 1.89. The company has a quick ratio of 5.00, a current ratio of 5.36 and a debt-to-equity ratio of 0.01.

WeRide (NASDAQ:WRD) last released its quarterly earnings data on Tuesday, June 30th. The company reported ($0.18) EPS for the quarter. WeRide had a negative return on equity of 24.12% and a negative net margin of 199.09%.The firm had revenue of $34.11 million during the quarter. As a group, equities research analysts predict that WeRide Inc. will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On WeRide

Several large investors have recently made changes to their positions in WRD. China UAE Investment Cooperation Fund L.P. acquired a new stake in shares of WeRide in the fourth quarter worth $67,443,000. Bank of America Corp DE increased its holdings in WeRide by 4,926.0% in the 1st quarter. Bank of America Corp DE now owns 3,595,319 shares of the company’s stock valued at $29,086,000 after buying an additional 3,523,785 shares during the period. FengHe Fund Management Pte. Ltd. raised its position in WeRide by 198.5% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 4,175,181 shares of the company’s stock worth $36,241,000 after purchasing an additional 2,776,381 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of WeRide during the 3rd quarter worth approximately $25,931,000. Finally, Marshall Wace LLP lifted its holdings in shares of WeRide by 4,869.5% during the third quarter. Marshall Wace LLP now owns 2,055,370 shares of the company’s stock valued at $20,348,000 after acquiring an additional 2,014,010 shares during the period.

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.