Aeva Technologies (NASDAQ:AEVA) Reaches New 1-Year High - Here's Why

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.85 and last traded at $21.78, with a volume of 1411613 shares trading hands. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

AEVA has been the subject of several analyst reports. Canaccord Genuity Group raised their price target on shares of Aeva Technologies from $9.50 to $16.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Oppenheimer raised their target price on Aeva Technologies from $9.00 to $18.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Roth Capital upped their price target on Aeva Technologies from $6.00 to $17.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Morgan Stanley increased their price target on Aeva Technologies from $5.22 to $11.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.33.

Aeva Technologies Stock Up 2.2%

The stock's 50-day simple moving average is $11.47 and its 200 day simple moving average is $6.80. The firm has a market cap of $1.22 billion, a P/E ratio of -7.20 and a beta of 1.66.

Insider Activity

In other news, major shareholder Sylebra Capital Llc bought 821,610 shares of the stock in a transaction dated Wednesday, March 26th. The shares were bought at an average cost of $5.48 per share, with a total value of $4,502,422.80. Following the completion of the transaction, the insider now directly owns 12,669,326 shares of the company's stock, valued at $69,427,906.48. This trade represents a 6.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Soroush Salehian Dardashti sold 200,000 shares of Aeva Technologies stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $5.36, for a total transaction of $1,072,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,764,808 shares of the company's stock, valued at approximately $20,179,370.88. The trade was a 5.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 4,213,506 shares of company stock valued at $24,985,345 and have sold 1,067,228 shares valued at $11,550,119. 27.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AEVA. Sylebra Capital LLC lifted its position in Aeva Technologies by 56.4% in the 1st quarter. Sylebra Capital LLC now owns 16,228,553 shares of the company's stock valued at $113,600,000 after acquiring an additional 5,849,249 shares in the last quarter. Parkwood LLC raised its stake in shares of Aeva Technologies by 415.7% in the fourth quarter. Parkwood LLC now owns 1,426,627 shares of the company's stock worth $6,776,000 after purchasing an additional 1,150,000 shares during the last quarter. Jane Street Group LLC boosted its position in shares of Aeva Technologies by 2,490.3% during the fourth quarter. Jane Street Group LLC now owns 648,942 shares of the company's stock valued at $3,082,000 after buying an additional 623,889 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Aeva Technologies by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 621,191 shares of the company's stock valued at $2,951,000 after purchasing an additional 9,318 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Aeva Technologies by 14.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,376 shares of the company's stock worth $1,151,000 after buying an additional 30,924 shares in the last quarter. 62.92% of the stock is currently owned by institutional investors and hedge funds.

Aeva Technologies Company Profile

Aeva Technologies, Inc engages in the design, development, manufacture, and sale of LiDAR sensing systems, and related perception and autonomy-enabling software solutions in North America, Europe, the Middle East, Africa, and Asia. The company develops its products using frequency modulated continuous wave (FMCW) sensing technology.