WeRide (NASDAQ:WRD) Shares Down 6% – Here’s Why

WeRide Inc. (NASDAQ:WRD)’s share price traded down 6% during trading on Thursday. The stock traded as low as $4.65 and last traded at $4.6610. Approximately 940,958 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 3,299,384 shares. The stock had previously closed at $4.96.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WRD. Bank of America reissued a “buy” rating and set a $10.70 price target 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 upgraded shares of WeRide from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, September 25th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $12.00 price objective on shares of WeRide in a research note on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.62.

WeRide Trading Up 6.7%

The stock has a market capitalization of $1.49 billion, a P/E ratio of -6.41 and a beta of 1.90. The company has a current ratio of 5.36, a quick ratio of 5.00 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $5.73 and a two-hundred day moving average price of $6.46.

WeRide (NASDAQ:WRD) last issued its quarterly earnings results on Tuesday, June 30th. The company reported ($0.18) EPS for the quarter. The company had revenue of $34.11 million during the quarter. WeRide had a negative return on equity of 24.12% and a negative net margin of 199.09%. On average, analysts expect that WeRide Inc. will post -0.67 EPS for the current fiscal year.

Institutional Trading of WeRide

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in shares of 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 purchasing an additional 3,523,785 shares in the last quarter. Temasek Holdings Private Ltd boosted its position in WeRide by 119.7% in the fourth quarter. Temasek Holdings Private Ltd now owns 2,978,803 shares of the company’s stock valued at $25,856,000 after buying an additional 1,623,156 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in WeRide by 229.3% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,305,997 shares of the company’s stock valued at $18,656,000 after buying an additional 1,605,657 shares in the last quarter. Amova Asset Management Americas Inc. increased its holdings in shares of WeRide by 229.3% during the first quarter. Amova Asset Management Americas Inc. now owns 2,305,997 shares of the company’s stock worth $18,609,000 after buying an additional 1,605,657 shares in the last quarter. Finally, Styrax Capital LP bought a new position in shares of WeRide in the 4th quarter valued at $11,795,000.

WeRide Company Profile

WeRide Inc is an autonomous-driving technology company founded in 2017 and headquartered in Guangzhou, China. The company develops software, hardware and vehicle systems designed to support autonomous driving across passenger transportation, logistics and urban services.

Its product portfolio includes robotaxis for on-demand passenger transportation, robobuses for scheduled transit, robovans for logistics and delivery applications, and autonomous street-sweeping vehicles. WeRide also develops advanced driver-assistance and autonomous-driving solutions for passenger and commercial vehicles, working with automotive manufacturers, mobility providers and other business partners.

WeRide has conducted commercial and pilot operations in multiple Chinese cities and has expanded its activities internationally, including deployments and testing in markets such as the United Arab Emirates and Singapore.