FengHe Fund Management Pte. Ltd. Invests $11.02 Million in WeRide Inc. $WRD

FengHe Fund Management Pte. Ltd. acquired a new position in shares of WeRide Inc. (NASDAQ:WRD) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,398,800 shares of the company’s stock, valued at approximately $11,023,000. WeRide comprises about 1.8% of FengHe Fund Management Pte. Ltd.’s portfolio, making the stock its 16th biggest position. FengHe Fund Management Pte. Ltd. owned approximately 0.53% of WeRide as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new stake in shares of WeRide during the first quarter valued at approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in WeRide in the 1st quarter valued at $40,315,000. OLD Mission Capital LLC bought a new position in WeRide in the 1st quarter valued at $182,000. Gordian Capital Singapore Pte Ltd bought a new position in WeRide in the first quarter valued at about $56,000. Finally, Virtu Financial LLC bought a new position in WeRide in the first quarter valued at about $723,000.

WeRide Stock Up 4.2%

WeRide stock opened at $10.32 on Thursday. The company’s 50 day simple moving average is $9.74 and its 200 day simple moving average is $9.70. The firm has a market capitalization of $2.99 billion and a price-to-earnings ratio of -3.70. WeRide Inc. has a fifty-two week low of $6.03 and a fifty-two week high of $44.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 11.03 and a quick ratio of 10.55.

WeRide (NASDAQ:WRD) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.18) earnings per share for the quarter. The firm had revenue of $17.75 million for the quarter. WeRide had a negative return on equity of 49.03% and a negative net margin of 595.64%. As a group, sell-side analysts anticipate that WeRide Inc. will post -0.68 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded WeRide from a “sell” rating to a “hold” rating in a report on Sunday, July 13th. Citigroup started coverage on shares of WeRide in a research note on Monday. They issued a “buy” rating and a $15.50 price objective on the stock. Finally, UBS Group started coverage on shares of WeRide in a research note on Monday, August 4th. They issued a “buy” rating and a $12.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $13.75.

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.