HITE Hedge Asset Management LLC Takes $2.72 Million Position in WeRide Inc. $WRD

HITE Hedge Asset Management LLC acquired a new stake in shares of WeRide Inc. (NASDAQ:WRD) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 313,879 shares of the company’s stock, valued at approximately $2,724,000.

A number of other large investors also recently modified their holdings of the company. Cohen & Steers Inc. raised its holdings in shares of WeRide by 50.0% during the 4th quarter. Cohen & Steers Inc. now owns 30,000 shares of the company’s stock valued at $260,000 after buying an additional 10,000 shares in the last quarter. Keystone Investors PTE Ltd. raised its holdings in shares of WeRide by 16.3% during the 4th quarter. Keystone Investors PTE Ltd. now owns 979,885 shares of the company’s stock valued at $8,505,000 after buying an additional 137,496 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of WeRide during the 4th quarter valued at about $477,000. ARK Investment Management LLC purchased a new position in shares of WeRide during the 4th quarter valued at about $17,376,000. Finally, Amova Asset Management Americas Inc. purchased a new position in shares of WeRide during the 4th quarter valued at about $6,093,000.

WeRide Stock Performance

Shares of WRD stock opened at $6.17 on Friday. WeRide Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $12.55. The stock has a 50 day moving average price of $7.48 and a two-hundred day moving average price of $7.85. The company has a market capitalization of $1.93 billion, a P/E ratio of -8.23 and a beta of 1.77.

WeRide (NASDAQ:WRD) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.17) earnings per share for the quarter. WeRide had a negative net margin of 228.47% and a negative return on equity of 24.18%. The company had revenue of $16.55 million during the quarter. As a group, equities analysts predict that WeRide Inc. will post -0.57 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on WRD shares. The Goldman Sachs Group started coverage on WeRide in a report on Thursday, April 16th. They set a “buy” rating on the stock. Zacks Research cut WeRide from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. BNP Paribas Exane started coverage on WeRide in a report on Thursday, March 26th. They set an “outperform” rating and a $11.00 price objective on the stock. Weiss Ratings cut WeRide from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 4th. Finally, HSBC started coverage on WeRide in a research report on Tuesday, March 31st. They issued a “buy” rating and a $11.40 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.48.

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.