WeRide (NASDAQ:WRD) Shares Gap Up – Time to Buy?

WeRide Inc. (NASDAQ:WRD) gapped up before the market opened on Monday . The stock had previously closed at $6.35, but opened at $6.85. WeRide shares last traded at $6.1150, with a volume of 4,221,508 shares.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WRD shares. Bank of America initiated coverage on shares of WeRide in a research note on Monday, December 1st. They issued a “buy” rating and a $12.00 price target on the stock. Citigroup reaffirmed a “buy” rating on shares of WeRide in a research report on Monday, January 19th. CLSA initiated coverage on shares of WeRide in a research note on Monday, January 5th. They issued an “outperform” rating and a $13.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of WeRide in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.13.

WeRide Trading Down 2.0%

The stock has a market cap of $2.02 billion, a P/E ratio of -7.35 and a beta of 4.36. The company has a 50 day simple moving average of $7.57 and a 200 day simple moving average of $8.82.

WeRide (NASDAQ:WRD) last issued its quarterly earnings results on Monday, March 23rd. The company reported ($0.24) earnings per share for the quarter. WeRide had a negative return on equity of 24.31% and a negative net margin of 329.54%.The business had revenue of $44.88 million for the quarter. As a group, sell-side analysts expect that WeRide Inc. will post -0.68 earnings per share for the current year.

Institutional Investors Weigh In On WeRide

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Keystone Investors PTE Ltd. grew its holdings in shares of WeRide by 3,516.8% in the 3rd quarter. Keystone Investors PTE Ltd. now owns 842,389 shares of the company’s stock valued at $8,340,000 after acquiring an additional 819,098 shares in the last quarter. Brighton Jones LLC bought a new stake in WeRide during the third quarter worth about $4,404,000. Varma Mutual Pension Insurance Co acquired a new position in WeRide during the third quarter valued at approximately $6,732,000. Carrhae Capital LLP bought a new position in WeRide in the third quarter valued at approximately $16,153,000. Finally, Ariose Capital Management Ltd acquired a new position in shares of WeRide during the 3rd quarter worth approximately $2,569,000.

About WeRide

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.