Aeva Technologies (NASDAQ:AEVA) Trading Down 10.2% - Here's What Happened

Key Points

• Aeva Technologies' stock price dropped by 10.2% during mid-day trading, closing at $12.36 after a low of $12.31.
• Analysts have mixed ratings on Aeva, with one lowering its rating to sell while others provide price targets ranging from $9.50 to $33.00, indicating an average target price of $18.33.
• The company reported earnings per share (EPS) of ($0.55), missing estimates, while revenue for the quarter was $5.51 million, surpassing expectations.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares fell 10.2% on Thursday . The company traded as low as $12.31 and last traded at $12.36. 2,250,569 shares were traded during trading, an increase of 30% from the average session volume of 1,736,975 shares. The stock had previously closed at $13.76.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AEVA. Oppenheimer raised their price objective on shares of Aeva Technologies from $18.00 to $33.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Aeva Technologies from a "sell" rating to a "hold" rating in a research report on Saturday. Canaccord Genuity Group lifted their price target on shares of Aeva Technologies from $9.50 to $16.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Morgan Stanley lifted their price target on shares of Aeva Technologies from $11.00 to $19.00 and gave the company an "equal weight" rating in a report on Friday, August 1st. Finally, Roth Capital raised their target price on shares of Aeva Technologies from $17.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Aeva Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.33.

Aeva Technologies Trading Up 6.2%

The company's 50-day moving average price is $24.90 and its two-hundred day moving average price is $13.23. The company has a market cap of $742.43 million, a P/E ratio of -2.40 and a beta of 1.94.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.02). The company had revenue of $5.51 million during the quarter, compared to the consensus estimate of $3.40 million. Aeva Technologies had a negative return on equity of 287.71% and a negative net margin of 2,178.31%. As a group, analysts anticipate that Aeva Technologies, Inc. will post -2.7 earnings per share for the current year.

Insider Activity at Aeva Technologies

In other news, Director Hrach Simonian sold 100,000 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $24.86, for a total value of $2,486,000.00. Following the completion of the sale, the director owned 3,597,039 shares of the company's stock, valued at approximately $89,422,389.54. The trade was a 2.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Saurabh Sinha sold 22,239 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $30.53, for a total transaction of $678,956.67. Following the completion of the sale, the chief financial officer directly owned 970,710 shares of the company's stock, valued at $29,635,776.30. The trade was a 2.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 772,164 shares of company stock worth $15,598,535 over the last quarter. Company insiders own 27.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of Aeva Technologies by 170.0% in the 4th quarter. Bank of America Corp DE now owns 48,255 shares of the company's stock valued at $229,000 after buying an additional 30,380 shares during the period. Deutsche Bank AG boosted its holdings in shares of Aeva Technologies by 510.8% in the 4th quarter. Deutsche Bank AG now owns 45,039 shares of the company's stock valued at $214,000 after buying an additional 37,665 shares during the period. Millennium Management LLC acquired a new position in shares of Aeva Technologies in the 4th quarter valued at about $174,000. Two Sigma Investments LP boosted its stake in Aeva Technologies by 308.6% during the 4th quarter. Two Sigma Investments LP now owns 74,288 shares of the company's stock valued at $353,000 after purchasing an additional 56,107 shares during the period. Finally, Jane Street Group LLC boosted its stake in Aeva Technologies by 2,490.3% during the 4th quarter. Jane Street Group LLC now owns 648,942 shares of the company's stock valued at $3,082,000 after purchasing an additional 623,889 shares during the period. 62.92% of the stock is 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.