WeRide (NASDAQ:WRD) Stock Price Down 5.3% – Here’s What Happened

WeRide Inc. (NASDAQ:WRD)’s share price was down 5.3% during mid-day trading on Tuesday . The stock traded as low as $8.64 and last traded at $8.75. Approximately 2,335,007 shares changed hands during trading, a decline of 69% from the average daily volume of 7,443,728 shares. The stock had previously closed at $9.24.

Analysts Set New Price Targets

Several research firms recently weighed in on WRD. Citigroup assumed coverage on shares of WeRide in a research note on Monday, September 29th. They set a “buy” rating and a $15.50 target price for the company. Bank of America assumed coverage on shares of WeRide in a report on Monday, December 1st. They set a “buy” rating and a $12.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of WeRide in a report on Monday, December 1st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.17.

WeRide Price Performance

The company has a 50-day moving average of $9.47 and a 200 day moving average of $9.32. The company has a market cap of $2.86 billion, a PE ratio of -10.52 and a beta of 4.45.

Institutional Investors Weigh In On WeRide

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of WeRide by 55.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,621,712 shares of the company’s stock worth $45,770,000 after purchasing an additional 1,645,769 shares during the period. Robert Bosch GmbH bought a new stake in WeRide in the second quarter worth about $32,424,000. Greenwoods Asset Management Hong Kong Ltd. purchased a new position in shares of WeRide during the third quarter valued at approximately $26,574,000. Mercer Global Advisors Inc. ADV bought a new position in shares of WeRide during the third quarter valued at approximately $25,931,000. Finally, Marshall Wace LLP grew its stake 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 buying an additional 2,014,010 shares during the last quarter.

About WeRide

WeRide, Inc engages in the development of an autonomous driving technology platform. It offers Robotaxi, Robobus, Robovan, Robosweeper, and advanced driving solutions, providing smart services in online ride-hailing, on-demand transport, urban logistics, and environmental sanitation. The company was founded by Tony Xu Han and Yan Li in February 2017 and is headquartered in Guangzhou, China.