WeRide (NASDAQ:WRD) Shares Gap Down - Here's Why

WeRide Inc. (NASDAQ:WRD - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $9.90, but opened at $9.62. WeRide shares last traded at $9.47, with a volume of 3,342,461 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded WeRide from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

WeRide Stock Down 4.7%

The stock has a 50-day simple moving average of $9.39.

WeRide (NASDAQ:WRD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported ($0.18) earnings per share (EPS) for the quarter. The firm had revenue of $9.98 million for the quarter. As a group, equities analysts predict that WeRide Inc. will post -0.68 EPS for the current fiscal year.

WeRide declared that its Board of Directors has approved a share repurchase program on Wednesday, May 21st that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On WeRide

Institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new position in shares of WeRide during the 1st quarter worth approximately $27,000. Gordian Capital Singapore Pte Ltd bought a new stake in WeRide in the first quarter valued at $56,000. OLD Mission Capital LLC acquired a new position in WeRide during the first quarter worth $182,000. Concurrent Investment Advisors LLC bought a new position in shares of WeRide during the first quarter valued at $201,000. Finally, Virtu Financial LLC acquired a new stake in shares of WeRide in the 1st quarter valued at $723,000.

WeRide Company Profile

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.