WeRide (NASDAQ:WRD) Shares Gap Up – Still a Buy?

WeRide Inc. (NASDAQ:WRD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $8.55, but opened at $8.84. WeRide shares last traded at $8.84, with a volume of 3,370,718 shares.

WeRide Stock Performance

The company’s 50 day simple moving average is $10.54.

WeRide (NASDAQ:WRD) last issued its quarterly earnings data on Wednesday, May 21st. The company reported ($0.18) EPS for the quarter. As a group, equities analysts predict that WeRide Inc. will post -0.68 EPS for the current fiscal year.

WeRide declared that its board has initiated a share buyback 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. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

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

WeRide Company Profile

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.