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

WeRide Inc. (NASDAQ:WRD) shares were up 7.3% during mid-day trading on Tuesday . The stock traded as high as $6.79 and last traded at $6.7480. Approximately 1,811,514 shares traded 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

Several analysts recently commented on WRD shares. Weiss Ratings reissued a “sell (d-)” rating on shares of WeRide in a research report on Monday, December 29th. CLSA began coverage on shares of WeRide in a report on Monday, January 5th. They issued an “outperform” rating and a $13.00 target price for the company. Bank of America began coverage on shares of WeRide in a research note on Monday, December 1st. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Citigroup reissued a “buy” rating on shares of WeRide in a research report on Monday, January 19th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.13.

WeRide Price Performance

The stock has a market cap of $2.21 billion, a PE ratio of -8.12 and a beta of 4.36. The company has a 50 day moving average price of $8.00 and a two-hundred day moving average price of $8.97.

Hedge Funds Weigh In On WeRide

A number of hedge funds have recently bought and sold shares of the business. China UAE Investment Cooperation Fund L.P. bought a new position in WeRide during the 4th quarter valued at about $67,443,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of WeRide by 55.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,621,712 shares of the company’s stock worth $45,770,000 after acquiring an additional 1,645,769 shares during the period. FengHe Fund Management Pte. Ltd. raised its holdings in shares of WeRide by 198.5% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 4,175,181 shares of the company’s stock valued at $36,241,000 after purchasing an additional 2,776,381 shares during the last quarter. Robert Bosch GmbH bought a new position in WeRide during the second quarter valued at approximately $32,424,000. Finally, Temasek Holdings Private Ltd lifted its position in WeRide by 119.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 2,978,803 shares of the company’s stock valued at $25,856,000 after purchasing an additional 1,623,156 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.