WeRide (NASDAQ:WRD) Stock Price Down 6% – What’s Next?

WeRide Inc. (NASDAQ:WRD) traded down 6% on Thursday. The company traded as low as $4.65 and last traded at $4.6610. 940,958 shares were traded 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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WRD. Wall Street Zen lowered WeRide from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings raised WeRide from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, September 25th. Bank of America reaffirmed a “buy” rating and issued a $10.70 target price on shares of WeRide in a research note on Friday, August 14th. Finally, Morgan Stanley reissued an “overweight” rating and set a $12.00 price target on shares of WeRide in a research report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.62.

WeRide Stock Down 8.6%

The company has a quick ratio of 5.00, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. The company’s fifty day simple moving average is $5.78 and its 200 day simple moving average is $6.49. The firm has a market capitalization of $1.41 billion, a PE ratio of -6.06 and a beta of 1.90.

WeRide (NASDAQ:WRD) last posted its earnings results on Tuesday, June 30th. The company reported ($0.18) earnings per share 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 for the quarter. Analysts anticipate that WeRide Inc. will post -0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On WeRide

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased 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 worth $29,086,000 after acquiring an additional 3,523,785 shares in the last quarter. California Public Employees Retirement System bought a new stake in WeRide during the first quarter worth about $1,845,000. Sumitomo Mitsui Trust Group Inc. grew its holdings 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 worth $18,656,000 after purchasing an additional 1,605,657 shares during the period. Empowered Funds LLC purchased a new stake in WeRide in the first quarter worth about $1,461,000. Finally, Amova Asset Management Americas Inc. increased its stake 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 valued at $18,609,000 after purchasing an additional 1,605,657 shares in the last quarter.

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.