Bank of America Initiates Coverage on WeRide (NASDAQ:WRD)

Stock analysts at Bank of America started coverage on shares of WeRide (NASDAQ:WRD) in a note issued to investors on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $12.00 price target on the stock. Bank of America‘s price target suggests a potential upside of 38.41% from the stock’s current price.

A number of other research analysts have also commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of WeRide in a research note on Tuesday, November 25th. Citigroup initiated coverage on shares of WeRide in a report on Monday, September 29th. They issued a “buy” rating and a $15.50 price target on the stock. Finally, UBS Group assumed coverage on shares of WeRide in a report on Monday, August 4th. They set a “buy” rating and a $12.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, WeRide currently has an average rating of “Moderate Buy” and an average target price of $13.17.

WeRide Stock Performance

NASDAQ WRD opened at $8.67 on Monday. WeRide has a twelve month low of $6.03 and a twelve month high of $44.00. The stock has a market cap of $2.81 billion, a PE ratio of -10.32 and a beta of 4.44. The firm has a 50-day simple moving average of $9.59 and a 200 day simple moving average of $9.32.

WeRide (NASDAQ:WRD) last posted its quarterly earnings results on Monday, November 24th. The company reported ($0.15) EPS for the quarter. WeRide had a negative net margin of 329.54% and a negative return on equity of 24.31%. The firm had revenue of $24.02 million during the quarter. Research analysts forecast that WeRide will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On WeRide

Institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new position in WeRide in the first quarter valued at about $27,000. SBI Securities Co. Ltd. raised its stake in shares of WeRide by 1,263.6% in the second quarter. SBI Securities Co. Ltd. now owns 3,559 shares of the company’s stock valued at $28,000 after acquiring an additional 3,298 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of WeRide in the 2nd quarter worth approximately $30,000. Gordian Capital Singapore Pte Ltd bought a new stake in WeRide during the 1st quarter worth approximately $56,000. Finally, Levin Capital Strategies L.P. acquired a new stake in WeRide during the 2nd quarter valued at $79,000.

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.