Aeva Technologies (NASDAQ:AEVA) Shares Down 7.3% - Here's Why

Key Points

• Aeva Technologies shares fell 7.3% to $16.95 in mid-day trading, with volume down 76% from its average daily level.
• Analyst views remain mixed: Canaccord raised its target to $26 and Oppenheimer maintained a $42 target, while Goldman Sachs initiated coverage with a neutral rating and a $20 target. The consensus rating is Hold, with an average price target of $28.75.
• Insiders have sold 1.29 million shares worth approximately $30.6 million over the past quarter, including recent sales by the CFO and CTO, although institutional investors own 62.92% of the stock.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares fell 7.3% during mid-day trading on Monday . The stock traded as low as $16.81 and last traded at $16.95. Approximately 544,532 shares were traded during trading, a decline of 76% from the average daily volume of 2,289,697 shares. The stock had previously closed at $18.29.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AEVA. Canaccord Genuity Group raised their price objective on Aeva Technologies from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings cut Aeva Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday. The Goldman Sachs Group initiated coverage on Aeva Technologies in a report on Monday. They set a "neutral" rating and a $20.00 price target on the stock. Oppenheimer reiterated an "outperform" rating and issued a $42.00 target price on shares of Aeva Technologies in a report on Thursday, August 6th. Finally, Wall Street Zen lowered Aeva Technologies from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $28.75.

Aeva Technologies Trading Down 8.8%

The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.11 and a beta of 2.47. The business has a 50-day moving average of $21.09 and a two-hundred day moving average of $18.23. The company has a quick ratio of 7.63, a current ratio of 7.85 and a debt-to-equity ratio of 3.52.

Insider Transactions at Aeva Technologies

In related news, CFO Saurabh Sinha sold 70,000 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $21.21, for a total value of $1,484,700.00. Following the completion of the transaction, the chief financial officer directly owned 581,372 shares in the company, valued at approximately $12,330,900.12. This represents a 10.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Mina Rezk sold 100,000 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.01, for a total value of $2,401,000.00. Following the completion of the transaction, the chief technology officer directly owned 1,606,669 shares of the company's stock, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,292,344 shares of company stock valued at $30,568,186. 36.70% of the stock is owned by corporate insiders.

Institutional Trading of Aeva Technologies

Several institutional investors have recently made changes to their positions in the business. Duquesne Family Office LLC bought a new stake in Aeva Technologies in the third quarter valued at about $26,670,000. Millennium Management LLC acquired a new stake in shares of Aeva Technologies during the 3rd quarter worth about $25,751,000. Delta Global Management LP increased its position in shares of Aeva Technologies by 29.7% during the 4th quarter. Delta Global Management LP now owns 1,623,148 shares of the company's stock worth $21,555,000 after purchasing an additional 372,159 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Aeva Technologies by 12.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,576,930 shares of the company's stock valued at $22,865,000 after purchasing an additional 175,482 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Aeva Technologies by 158.3% during the 4th quarter. Handelsbanken Fonder AB now owns 1,445,409 shares of the company's stock valued at $19,202,000 after purchasing an additional 885,774 shares during the last quarter. 62.92% of the stock is currently owned by institutional investors and hedge funds.

Aeva Technologies Company Profile

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva's core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company's FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva's systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.

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