WeRide (NASDAQ:WRD) Downgraded to Sell Rating by Wall Street Zen

WeRide (NASDAQ:WRD) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other analysts have also weighed in on the company. HSBC started coverage on WeRide in a research note on Tuesday, March 31st. They issued a “buy” rating and a $11.40 target price on the stock. Zacks Research downgraded shares of WeRide from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings downgraded shares of WeRide from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 4th. The Goldman Sachs Group initiated coverage on shares of WeRide in a research note on Thursday, April 16th. They issued a “buy” rating on the stock. Finally, BNP Paribas Exane initiated coverage on shares of WeRide in a research note on Thursday, March 26th. They issued an “outperform” rating and a $11.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.48.

WeRide Price Performance

Shares of NASDAQ WRD opened at $6.17 on Friday. The company has a market cap of $1.93 billion, a P/E ratio of -8.23 and a beta of 1.77. WeRide has a 1 year low of $6.01 and a 1 year high of $12.55. The firm has a 50-day simple moving average of $7.48 and a two-hundred day simple moving average of $7.85.

WeRide (NASDAQ:WRD) last released its earnings results on Tuesday, March 31st. The company reported ($0.17) earnings per share for the quarter. WeRide had a negative return on equity of 24.18% and a negative net margin of 228.47%.The business had revenue of $16.55 million during the quarter. As a group, equities research analysts expect that WeRide will post -0.57 EPS for the current year.

Hedge Funds Weigh In On WeRide

A number of hedge funds and other institutional investors have recently modified their holdings of the business. China UAE Investment Cooperation Fund L.P. bought a new position in shares of WeRide during the fourth quarter valued at approximately $67,443,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of WeRide by 55.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,621,712 shares of the company’s stock valued at $45,770,000 after purchasing an additional 1,645,769 shares in the last quarter. FengHe Fund Management Pte. Ltd. boosted its stake in shares of WeRide by 198.5% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 4,175,181 shares of the company’s stock valued at $36,241,000 after purchasing an additional 2,776,381 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of WeRide by 4,926.0% during the first quarter. Bank of America Corp DE now owns 3,595,319 shares of the company’s stock valued at $29,086,000 after purchasing an additional 3,523,785 shares in the last quarter. Finally, Temasek Holdings Private Ltd boosted its stake in shares of WeRide by 119.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 2,978,803 shares of the company’s stock valued at $25,856,000 after purchasing an additional 1,623,156 shares in the last quarter.

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.