WeRide (NASDAQ:WRD) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of WeRide (NASDAQ:WRD) from a hold rating to a sell rating in a report issued on Saturday morning.

WeRide Trading Up 3.7%

WRD opened at $9.15 on Friday. The company’s 50 day simple moving average is $8.99. WeRide has a twelve month low of $6.03 and a twelve month high of $44.00.

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. As a group, analysts anticipate that WeRide will post -0.68 earnings per share for the current year.

WeRide declared that its board has authorized a stock repurchase program on Wednesday, May 21st that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On WeRide

Several institutional investors and hedge funds have recently added to or reduced their stakes in WRD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in WeRide during the 1st quarter worth approximately $40,315,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in WeRide during the 1st quarter worth approximately $12,178,000. Virtu Financial LLC purchased a new position in WeRide during the 1st quarter worth approximately $723,000. Concurrent Investment Advisors LLC purchased a new position in WeRide during the 1st quarter worth approximately $201,000. Finally, OLD Mission Capital LLC purchased a new position in WeRide during the 1st quarter worth approximately $182,000.

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.