MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases New Position in WeRide Inc. $WRD

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a significant stake in WeRide Inc., purchasing 2,970,856 shares valued at approximately $40.3 million, representing about 1.12% of the company's stock.
• WeRide Inc. reported a negative earnings per share of ($0.18) for the quarter, with revenues of $17.75 million, and analysts forecast a projected EPS of -0.68 for the current fiscal year.
• Analysts have upgraded WeRide's consensus rating to "Buy" with a price target of $12.00, indicating optimism about the company's future growth prospects.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of WeRide Inc. (NASDAQ:WRD - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,970,856 shares of the company's stock, valued at approximately $40,315,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.12% of WeRide as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WRD. Gordian Capital Singapore Pte Ltd purchased a new position in WeRide during the first quarter worth about $56,000. OLD Mission Capital LLC purchased a new position in WeRide during the first quarter worth about $182,000. Concurrent Investment Advisors LLC purchased a new position in WeRide during the first quarter worth about $201,000. Virtu Financial LLC purchased a new position in WeRide during the first quarter worth about $723,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in WeRide during the first quarter worth about $12,178,000.

Analysts Set New Price Targets

WRD has been the topic of several analyst reports. Wall Street Zen upgraded shares of WeRide from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. UBS Group assumed coverage on shares of WeRide in a report on Monday, August 4th. They set a "buy" rating and a $12.00 price target on the stock. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $12.00.

WeRide Stock Performance

WRD traded down $0.20 during midday trading on Friday, reaching $9.70. The company had a trading volume of 2,183,154 shares, compared to its average volume of 7,370,271. The company has a debt-to-equity ratio of 0.01, a quick ratio of 10.55 and a current ratio of 11.03. The stock has a market cap of $2.81 billion and a PE ratio of -3.48. WeRide Inc. has a 12-month low of $6.03 and a 12-month high of $44.00. The business has a 50-day moving average price of $9.24 and a two-hundred day moving average price of $10.42.

WeRide (NASDAQ:WRD - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.18) earnings per share for the quarter. The company had revenue of $17.75 million during the quarter. WeRide had a negative net margin of 595.64% and a negative return on equity of 49.03%. On average, sell-side analysts expect that WeRide Inc. will post -0.68 earnings per share for the current fiscal year.

WeRide announced that its Board of Directors has approved a share buyback plan on Wednesday, May 21st that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

About WeRide

WeRide, Inc engages in the development of an autonomous driving technology platform. It offers Robotaxi, Robobus, Robovan, Robosweeper, and advanced driving solutions, providing smart services in online ride-hailing, on-demand transport, urban logistics, and environmental sanitation. The company was founded by Tony Xu Han and Yan Li in February 2017 and is headquartered in Guangzhou, China.