WeRide (NASDAQ:WRD) Trading Down 4.7% – Here’s What Happened

WeRide Inc. (NASDAQ:WRD)’s share price fell 4.7% on Friday . The stock traded as low as $5.36 and last traded at $5.3350. 974,968 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 3,306,534 shares. The stock had previously closed at $5.60.

Analyst Ratings Changes

A number of research firms have recently weighed in on WRD. Morgan Stanley reiterated an “overweight” rating and set a $12.00 target price on shares of WeRide in a research report on Wednesday, August 19th. Wall Street Zen cut shares of WeRide from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings cut WeRide from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. Finally, Bank of America reiterated a “buy” rating and issued a $10.70 target price on shares of WeRide in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.27.

WeRide Price Performance

The company has a fifty day simple moving average of $5.90 and a 200 day simple moving average of $6.60. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.19 and a beta of 1.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.00 and a current ratio of 5.36.

WeRide (NASDAQ:WRD) last issued its quarterly earnings results on Tuesday, June 30th. The company reported ($0.18) earnings per share (EPS) for the quarter. The firm 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%. Equities research analysts forecast that WeRide Inc. will post -0.67 EPS for the current fiscal year.

Institutional Trading of WeRide

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of WeRide by 4,926.0% during 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 during the last quarter. California Public Employees Retirement System purchased a new position in shares of WeRide in the 1st quarter worth about $1,845,000. Sumitomo Mitsui Trust Group Inc. grew its position in WeRide by 229.3% during 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 during the period. Empowered Funds LLC purchased a new stake in WeRide during the first quarter worth about $1,461,000. Finally, Amova Asset Management Americas Inc. increased its holdings in 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 during the last quarter.

About WeRide

WeRide Inc is a global autonomous driving technology company that develops hardware, software and operating services for vehicles capable of performing driving tasks with limited or no human intervention. The company focuses primarily on Level 2 through Level 4 autonomous driving technologies for passenger transportation, freight and urban services.

Its product portfolio includes robotaxis, robobuses, robovans and autonomous driving systems for logistics and other commercial vehicles. WeRide also develops autonomous sanitation vehicles, including street-sweeping and cleaning vehicles, as well as advanced driver-assistance and autonomous-driving solutions for vehicle manufacturers and mobility operators.

Founded in 2017 and headquartered in Guangzhou, China, WeRide has conducted testing and commercial or pilot operations in multiple markets, including China, Singapore and the United Arab Emirates.