What's Going On With WeRide Stock?

WeRide Inc (NASDAQ:WRD) shares are seeing increased attention in recent weeks, especially from retail investors. The company on Wednesday announced eight new autonomous robotaxi routes in China.

What To Know: WeRide said it’s establishing China’s first 24-hour autonomous ride-hailing network with the introduction of eight autonomous robotaxi pilot operation routes in central Guangzhou.

The new 24-hour network features key landmarks including the Canton Tower, the Canton Fair Complex, Garden Hotel and Zhujiang New Town, as well as national transportation hubs.

WeRide shares have been seeing increased attention since the company announced an expanded partnership with Uber. The companies said earlier this month that the expansion will add 15 cities to their autonomous vehicle plans over the next five years. The news came after a successful launch in Abu Dhabi, which is expected to be expanded to Dubai sometime “soon.”

Check This Out: Tesla’s Robotaxi Plans Under Federal Scrutiny Ahead Of Austin Launch As Elon Musk Vows Nationwide Rollout By Year-End

The WeRide excitement appears to be coming from retail traders, as the stock has less than 5% institutional ownership, according to Benzinga Pro. WeRide shares soared in February after Nvidia disclosed a position in the company in a regulatory filing, which put the name on retail investor radars.

Nvidia is due to report first-quarter financial results at the end of the month, which means the company should be reporting investments in a new 13-F filing in the coming weeks. The company’s latest 13-F showed that it owned approximately 1.74 million shares of WeRide worth approximately $24.65 million at the end of the fourth quarter. WeRide shares surged more than 90% when the stake was first reported. The stock has given back all of those gains over the past few months.

WeRide is also scheduled to report first-quarter results before the market open on May 21.

WRD Price Action: WeRide shares were up nearly 9% in early trading Wednesday before pulling back. The stock was up just 0.52% at $9.64 at the time of publication, according to Benzinga Pro.

Photo: courtesy of WeRide.