Macquarie Capit Upgrades WeRide (NASDAQ:WRD) to “Strong-Buy”

WeRide (NASDAQ:WRD) was upgraded by investment analysts at Macquarie Capit to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

WRD has been the subject of a number of other reports. Citigroup reaffirmed a “buy” rating on shares of WeRide in a research note on Monday, January 19th. CLSA initiated coverage on WeRide in a research report on Monday, January 5th. They issued an “outperform” rating and a $13.00 target price for the company. Bank of America initiated coverage on WeRide in a research note on Monday, December 1st. They set a “buy” rating and a $12.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of WeRide in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.13.

WeRide Stock Down 5.7%

Shares of NASDAQ WRD opened at $7.55 on Tuesday. The stock has a market cap of $2.45 billion, a P/E ratio of -8.99 and a beta of 4.32. The firm’s 50-day simple moving average is $8.73 and its 200 day simple moving average is $9.29. WeRide has a fifty-two week low of $6.03 and a fifty-two week high of $44.00.

Institutional Investors Weigh In On WeRide

Several large investors have recently modified their holdings of WRD. China UAE Investment Cooperation Fund L.P. purchased a new stake in shares of WeRide during the fourth quarter valued at $67,443,000. Robert Bosch GmbH purchased a new stake in WeRide during the second quarter valued at about $32,424,000. FengHe Fund Management Pte. Ltd. lifted its stake in 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 buying an additional 2,776,381 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of WeRide in the third quarter worth about $26,574,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of WeRide in the third quarter worth approximately $25,931,000.

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.