WeRide (NASDAQ:WRD) Stock Price Down 5.5% – Here’s Why

WeRide Inc. (NASDAQ:WRD)’s stock price dropped 5.5% during mid-day trading on Friday . The company traded as low as $8.01 and last traded at $8.06. Approximately 4,244,700 shares traded hands during trading, a decline of 45% from the average daily volume of 7,727,379 shares. The stock had previously closed at $8.53.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded WeRide from a “sell” rating to a “hold” rating in a research note on Sunday.

WeRide Price Performance

The firm’s fifty day moving average is $8.81.

WeRide (NASDAQ:WRD) last released its quarterly earnings results on Wednesday, May 21st. The company reported ($0.18) earnings per share for the quarter. The firm had revenue of $9.98 million during the quarter. Research analysts anticipate that WeRide Inc. will post -0.68 EPS for the current year.

WeRide declared that its board has approved a stock buyback plan on Wednesday, May 21st that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On WeRide

Several institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC acquired a new position in WeRide in the first quarter valued at $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in WeRide during the first quarter worth about $40,315,000. OLD Mission Capital LLC acquired a new stake in WeRide during the first quarter worth about $182,000. Gordian Capital Singapore Pte Ltd acquired a new stake in WeRide during the first quarter worth about $56,000. Finally, Virtu Financial LLC acquired a new stake in WeRide during the first quarter worth about $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.