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On Wednesday, Cathie Wood-led Ark Invest made significant trades, prominently featuring the acquisition of shares in WeRide Inc. (NASDAQ:WRD). This move comes amid WeRide’s recent advancements in the driverless vehicle sector.
ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) fund purchased 191,149 shares of WeRide. The trade, valued at approximately $1.74 million, aligns with WeRide’s recent strides in the autonomous vehicle industry. The stock closed at $9.12 on the day of the trade, reflecting a 5.19% increase, indicative of positive market sentiment surrounding the company’s recent developments.
The company has been making headlines with its expansion of robotaxi services, notably in Abu Dhabi, where it launched Level 4 fully driverless operations in collaboration with Uber. This initiative marks Abu Dhabi as the first city in the Middle East to offer such services on the Uber platform.
WeRide’s robotaxi rollout is proving financially beneficial, with a surge in revenues and a reduction in losses as the company scales its global fleet. The strategic acquisition by Ark Invest reflects confidence in WeRide’s potential to capitalize on the growing demand for autonomous transportation solutions.
Other Key Trades:
Benzinga Edge Stock Rankings indicate WeRide stock has a Momentum in the 12th percentile. Here is how it ranks against other Robotaxi plays like Tesla and Alphabet.
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Photo: Ira Lichi / Shutterstock
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
