WeRide (NASDAQ:WRD) Stock Price Up 9.2% - Here's Why

WeRide Inc. (NASDAQ:WRD - Get Free Report) rose 9.2% on Tuesday . The company traded as high as $8.20 and last traded at $8.18. Approximately 6,964,404 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 7,777,678 shares. The stock had previously closed at $7.49.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised WeRide from a "sell" rating to a "hold" rating in a report on Sunday, June 15th.

WeRide Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 13.60 and a quick ratio of 13.10. The company's 50 day moving average price is $8.49.

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

WeRide declared that its board has authorized a share buyback plan on Wednesday, May 21st that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On WeRide

A number of hedge funds and other institutional investors have recently bought and sold shares of WRD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in WeRide during the 1st quarter valued at about $40,315,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in WeRide in the 1st quarter worth approximately $12,178,000. Virtu Financial LLC purchased a new stake in WeRide in the 1st quarter worth approximately $723,000. Concurrent Investment Advisors LLC bought a new position in shares of WeRide in the first quarter worth $201,000. Finally, OLD Mission Capital LLC purchased a new stake in shares of WeRide in the first quarter worth $182,000.

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.