Aeva Technologies (NASDAQ:AEVA) Trading Down 16.2% After Earnings Miss

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 fell 16.2% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $15.61 and last traded at $15.62. 1,335,747 shares were traded 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.02). The company had revenue of $5.51 million for the quarter, compared to the consensus estimate of $3.40 million. Aeva Technologies had a negative net margin of 2,178.31% and a negative return on equity of 130.04%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen cut shares of Aeva Technologies from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Morgan Stanley upped their price target on shares of Aeva Technologies from $11.00 to $19.00 and gave the company an "equal weight" rating in a research note on Friday. Roth Capital upped their price target 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. Canaccord Genuity Group upped 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. Finally, Oppenheimer upped their price target on shares of Aeva Technologies from $18.00 to $33.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.33.

Insider Activity

In other news, Director Hrach Simonian sold 100,000 shares of the stock in a transaction on 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 transaction, the director owned 3,597,039 shares of the company's stock, valued at $89,422,389.54. This represents a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Mina Rezk sold 69,901 shares of the stock in a transaction on 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 transaction, the chief technology officer directly owned 1,575,273 shares in the company, valued at $48,108,837.42. The trade was a 4.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 772,164 shares of company stock valued at $15,598,535. 27.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Aeva Technologies

A number of institutional investors have recently made changes to their positions in AEVA. American Century Companies Inc. increased its holdings in shares of Aeva Technologies by 34.9% in the 4th quarter. American Century Companies Inc. now owns 25,689 shares of the company's stock worth $122,000 after buying an additional 6,640 shares during the last quarter. LPL Financial LLC bought a new position in shares of Aeva Technologies in the 4th quarter worth $451,000. Geode Capital Management LLC increased its holdings in shares of Aeva Technologies by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 621,191 shares of the company's stock worth $2,951,000 after buying an additional 9,318 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Aeva Technologies during the 4th quarter valued at $78,000. Finally, Barclays PLC grew its holdings in shares of Aeva Technologies by 16.3% during the 4th quarter. Barclays PLC now owns 34,800 shares of the company's stock valued at $166,000 after purchasing an additional 4,890 shares during the last quarter. Institutional investors own 62.92% of the company's stock.

Aeva Technologies Trading Up 2.5%

The company's fifty day moving average is $25.20 and its 200 day moving average is $12.96. The company has a market cap of $894.08 million, a P/E ratio of -2.95 and a beta of 1.94.

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.