Bank of America Corp DE Purchases 3,523,785 Shares of WeRide Inc. $WRD

Key Points

• Bank of America significantly increased its WeRide stake by purchasing 3,523,785 additional shares, bringing its holdings to 3,595,319 shares valued at approximately $29.1 million, or 1.14% of the company.
• Analyst sentiment is mixed but leans positive: six analysts rate WeRide a Buy, one rates it Hold and one Sell, resulting in a “Moderate Buy” consensus and an average price target of $12.32.
• WeRide shares opened at $5.85, near their 52-week low, while the company reported $34.11 million in quarterly revenue and a $0.18 per-share loss. The business remains unprofitable, with a negative net margin of 199.09%.

Bank of America Corp DE grew its holdings in shares of WeRide Inc. (NASDAQ:WRD - Free Report) by 4,926.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,595,319 shares of the company's stock after acquiring an additional 3,523,785 shares during the period. Bank of America Corp DE owned 1.14% of WeRide worth $29,086,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. NewEdge Advisors LLC bought a new stake in WeRide in the first quarter valued at $27,000. JPMorgan Chase & Co. bought a new position in shares of WeRide during the 2nd quarter worth about $30,000. First Trust Advisors LP bought a new position in shares of WeRide during the 2nd quarter worth about $98,000. Marshall Wace LLP acquired a new stake in shares of WeRide in the 2nd quarter valued at about $326,000. Finally, Vienna Asset Management LLC acquired a new stake in shares of WeRide in the 2nd quarter valued at about $1,128,000.

Wall Street Analysts Forecast Growth

WRD has been the topic of several recent research reports. Zacks Research lowered WeRide from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Bank of America reiterated a "buy" rating and issued a $10.70 target price on shares of WeRide in a report on Friday. Weiss Ratings lowered shares of WeRide from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday. Finally, Wall Street Zen downgraded shares of WeRide from a "hold" rating to a "sell" rating in a report on Saturday. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $12.32.

WeRide Price Performance

WeRide stock opened at $5.85 on Monday. WeRide Inc. has a 52 week low of $5.18 and a 52 week high of $12.55. The company's 50 day moving average price is $5.91 and its two-hundred day moving average price is $6.89. 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 stock has a market cap of $1.82 billion, a P/E ratio of -7.80 and a beta of 1.89.

WeRide (NASDAQ:WRD - Get Free Report) last announced its earnings results on Tuesday, June 30th. The company reported ($0.18) earnings per share (EPS) for the quarter. The business had revenue of $34.11 million for the quarter. WeRide had a negative net margin of 199.09% and a negative return on equity of 24.12%. On average, equities analysts predict that WeRide Inc. will post -0.53 earnings per share for the current year.

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.

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