WeRide (NASDAQ:WRD) Shares Down 4.7% - Here's What Happened

Key Points

• WeRide shares fell 4.7% in mid-day trading to about $5.34, with trading volume down 71% from its average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $12.27, although some firms recently downgraded the stock.
• The company reported a quarterly loss of $0.18 per share on $34.11 million in revenue, alongside a negative net margin of 199.09%; several major institutional investors nevertheless increased their holdings.

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

Wall Street Analysts Forecast Growth

WRD has been the subject of several research analyst reports. Morgan Stanley reissued an "overweight" rating and set a $12.00 price objective on shares of WeRide in a research report on Wednesday, August 19th. Wall Street Zen downgraded WeRide from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Bank of America reiterated a "buy" rating and set a $10.70 price target on shares of WeRide in a report on Friday, August 14th. Finally, Weiss Ratings downgraded shares of WeRide from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, September 9th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.27.

WeRide Trading Down 3.8%

The firm has a market cap of $1.67 billion, a P/E ratio of -7.19 and a beta of 1.89. The company has a current ratio of 5.36, a quick ratio of 5.00 and a debt-to-equity ratio of 0.01. The company's fifty day moving average price is $5.90 and its two-hundred day moving average price is $6.60.

WeRide (NASDAQ:WRD - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.18) EPS for the quarter. WeRide had a negative return on equity of 24.12% and a negative net margin of 199.09%.The business had revenue of $34.11 million during the quarter. As a group, sell-side analysts predict that WeRide Inc. will post -0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On WeRide

Several hedge funds have recently bought and sold shares of WRD. Bank of America Corp DE lifted its position in WeRide by 4,926.0% during the first quarter. Bank of America Corp DE now owns 3,595,319 shares of the company's stock worth $29,086,000 after acquiring an additional 3,523,785 shares during the last quarter. Temasek Holdings Private Ltd increased its stake in shares of WeRide by 119.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 2,978,803 shares of the company's stock worth $25,856,000 after purchasing an additional 1,623,156 shares during the period. Amova Asset Management Americas Inc. lifted its holdings in WeRide by 229.3% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,305,997 shares of the company's stock worth $18,609,000 after purchasing an additional 1,605,657 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in WeRide by 229.3% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,305,997 shares of the company's stock valued at $18,656,000 after purchasing an additional 1,605,657 shares during the period. Finally, Styrax Capital LP acquired a new position in WeRide in the 4th quarter valued at $11,795,000.

WeRide Company Profile

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.

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