WeRide (WRD) stock continues a massive rally today after artificial intelligence (AI) company Nvidia (NVDA) revealed an investment in the autonomous driving company. This builds on its roughly 83% increase from Friday, which is when NVDA first disclosed it holds 1.74 billion shares of WRD stock.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Nvidia’s investment in WeRide makes sense as the two companies are focused on AI. NVDA does so through its chips and software, while WRD operates one of the largest self-driving fleets in the world while building its L4 autonomous driving services.
Morgan Stanley argued the increased interest in WRD stock after the NVDA news was the result of low liquidity and the potential participation of quant funds. It also pointed to the movement as a sign that investor confidence concerning autonomous driving stocks remains high.
WRD Stock Movement Today
The ongoing WRD stock rally has the shares up 28.89% as of this writing. Investors will note that the Nvidia investment sparked major interest in the stock, pushing the shares up 186.25% year-to-date. This also caused the stock to a new all-time high.
Heavy trading continues for WRD stock with more than 7.3 million shares traded this morning. That’s already well above the company’s three-month daily average trading volume of about 766,840 units.
Is WRD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for WeRide is Moderate Buy based on two Buy ratings over the last three months. With that comes an average price target of $22, a high of $23, and a low of $21. This represents a potential 46.05% downside for WRD stock. However, those ratings and price targets will likely change following Nvidia’s investment in the company.
