WeRide (NASDAQ:WRD) Shares Gap Up – Here’s What Happened

Shares of WeRide Inc. (NASDAQ:WRD) gapped up prior to trading on Monday. The stock had previously closed at $5.53, but opened at $5.73. WeRide shares last traded at $5.6550, with a volume of 568,508 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Morgan Stanley reissued an “overweight” rating and set a $12.00 price target on shares of WeRide in a research note on Wednesday, August 19th. Weiss Ratings upgraded WeRide from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Bank of America reaffirmed a “buy” rating and issued a $10.70 price objective on shares of WeRide in a research report on Friday, August 14th. Finally, Wall Street Zen lowered WeRide from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.27.

WeRide Trading Up 1.5%

The company has a market capitalization of $1.74 billion, a PE ratio of -7.49 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. The business has a fifty day moving average price of $5.87 and a 200 day moving average price of $6.57.

WeRide (NASDAQ:WRD) last issued its 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 for the quarter. WeRide had a negative return on equity of 24.12% and a negative net margin of 199.09%. Analysts expect that WeRide Inc. will post -0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On WeRide

Several institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC acquired a new position in shares of WeRide during the second quarter worth about $517,000. Nykredit A S purchased a new stake in shares of WeRide in the second quarter worth about $57,000. Concurrent Investment Advisors LLC grew its stake in shares of WeRide by 31.2% in the second quarter. Concurrent Investment Advisors LLC now owns 46,300 shares of the company’s stock valued at $269,000 after buying an additional 11,000 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of WeRide by 586.3% in the second quarter. Headlands Technologies LLC now owns 104,585 shares of the company’s stock valued at $609,000 after buying an additional 89,347 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings 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 buying an additional 3,523,785 shares during the period.

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.