Aeva Technologies (NASDAQ:AEVA) Shares Down 16.2% Following Weak Earnings

Key Points

• Aeva Technologies shares dropped 16.2% following a quarterly earnings announcement that missed analysts' expectations, reporting an EPS of ($0.55) versus the anticipated ($0.53).
• The company's revenue for the quarter was $5.51 million, exceeding the consensus estimate of $3.40 million, despite a significant negative net margin of 1,470.09%.
• Several analysts have adjusted their ratings and price targets for Aeva, with firms like Canaccord Genuity raising their price objective to $16.00, while others like Wall Street Zen downgraded their rating from "hold" to "sell."

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares traded down 16.2% on Friday following a weaker than expected earnings announcement. The company traded as low as $15.61 and last traded at $15.62. 1,335,747 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 1,686,143 shares. The stock had previously closed at $18.64.

The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.02). The business 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 130.04% and a negative net margin of 2,178.31%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AEVA. Canaccord Genuity Group lifted their price objective on Aeva Technologies from $9.50 to $16.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Oppenheimer lifted their price objective on Aeva Technologies from $18.00 to $33.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Roth Capital lifted their price objective on Aeva Technologies from $17.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Morgan Stanley lifted their price objective on Aeva Technologies from $11.00 to $19.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Wall Street Zen lowered Aeva Technologies from a "hold" rating to a "sell" rating in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.33.

Insider Buying and Selling

In other Aeva Technologies news, CTO Mina Rezk sold 69,901 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $30.54, for a total transaction of $2,134,776.54. Following the completion of the sale, the chief technology officer owned 1,575,273 shares of the company's stock, valued at approximately $48,108,837.42. The trade was a 4.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Saurabh Sinha sold 22,239 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $30.53, for a total value of $678,956.67. Following the sale, the chief financial officer directly owned 970,710 shares of the company's stock, valued at $29,635,776.30. This represents a 2.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 772,164 shares of company stock worth $15,598,535. Company insiders own 27.20% of the company's stock.

Institutional Trading of Aeva Technologies

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in Aeva Technologies by 92.2% during the second quarter. GAMMA Investing LLC now owns 865 shares of the company's stock valued at $33,000 after purchasing an additional 415 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Aeva Technologies by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,722 shares of the company's stock valued at $96,000 after acquiring an additional 630 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Aeva Technologies in the second quarter valued at about $51,000. Nisa Investment Advisors LLC lifted its position in shares of Aeva Technologies by 356.3% in the second quarter. Nisa Investment Advisors LLC now owns 2,122 shares of the company's stock valued at $80,000 after acquiring an additional 1,657 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Aeva Technologies by 29.2% in the first quarter. AQR Capital Management LLC now owns 20,849 shares of the company's stock valued at $146,000 after acquiring an additional 4,707 shares in the last quarter. Institutional investors own 62.92% of the company's stock.

Aeva Technologies Price Performance

The company has a 50-day moving average price of $25.20 and a 200 day moving average price of $12.84. The firm has a market capitalization of $872.07 million, a PE ratio of -2.88 and a beta of 1.95.

About Aeva Technologies

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.