WeRide (NASDAQ:WRD) Stock Price Down 8.8% – Here’s What Happened

Shares of WeRide Inc. (NASDAQ:WRD) were down 8.8% during mid-day trading on Tuesday . The stock traded as low as $8.88 and last traded at $8.9250. Approximately 2,777,469 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 3,474,502 shares. The stock had previously closed at $9.79.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WRD. CLSA started coverage on WeRide in a report on Monday, January 5th. They set an “outperform” rating and a $13.00 target price on the stock. Citigroup started coverage on shares of WeRide in a research note on Monday, September 29th. They set a “buy” rating and a $15.50 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of WeRide in a report on Monday, December 29th. Finally, Bank of America started coverage on shares of WeRide in a report on Monday, December 1st. They set a “buy” rating and a $12.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.13.

WeRide Trading Down 1.9%

The firm’s fifty day moving average is $8.58 and its 200 day moving average is $9.36. The company has a market cap of $2.83 billion, a PE ratio of -10.39 and a beta of 4.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Robert Bosch GmbH purchased a new stake in shares of WeRide during the second quarter worth approximately $32,424,000. Brighton Jones LLC acquired a new stake in shares of WeRide in the third quarter valued at about $4,404,000. Ariose Capital Management Ltd acquired a new stake in shares of WeRide in the third quarter valued at about $2,569,000. FengHe Fund Management Pte. Ltd. purchased a new position in shares of WeRide in the second quarter worth about $11,023,000. Finally, XTX Topco Ltd acquired a new position in WeRide during the second quarter worth about $1,915,000.

WeRide Company Profile

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.