Aeva Technologies (NASDAQ:AEVA) Shares Down 7.7% After Insider Selling

Key Points

• Aeva Technologies shares fell by 7.7% following insider sales, with CEO Soroush Salehian Dardashti selling 200,000 shares and CTO Mina Rezk selling 250,000 shares, indicating a significant decline in their holdings.
• Despite recent stock performance issues, analysts remain optimistic, with several firms raising their price targets, including Roth Capital's increase from $17.00 to $30.00 and Oppenheimer's from $18.00 to $33.00.
• The company reported a revenue of $5.51 million for the last quarter, exceeding expectations, though it still declared a loss of ($0.55) earnings per share, missing consensus estimates.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares were down 7.7% on Thursday after an insider sold shares in the company. The stock traded as low as $12.70 and last traded at $12.75. Approximately 1,259,884 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 1,769,541 shares. The stock had previously closed at $13.81.

Specifically, CEO Soroush Salehian Dardashti sold 200,000 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $13.45, for a total transaction of $2,690,000.00. Following the transaction, the chief executive officer directly owned 2,134,808 shares in the company, valued at $28,713,167.60. The trade was a 8.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Mina Rezk sold 250,000 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $13.48, for a total value of $3,370,000.00. Following the sale, the chief technology officer owned 3,236,669 shares in the company, valued at approximately $43,630,298.12. The trade was a 7.17% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AEVA shares. Roth Capital boosted their price objective on Aeva Technologies from $17.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Wall Street Zen upgraded Aeva Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley increased their price objective on Aeva Technologies from $11.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Oppenheimer increased their price objective on Aeva Technologies from $18.00 to $33.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Finally, Canaccord Genuity Group upped their price target on Aeva Technologies from $9.50 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.33.

Aeva Technologies Stock Down 9.1%

The firm has a fifty day simple moving average of $24.57 and a 200-day simple moving average of $13.36. The company has a market cap of $707.48 million, a PE ratio of -2.28 and a beta of 1.94.

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

Hedge Funds Weigh In On Aeva Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. LPL Financial LLC purchased a new stake in Aeva Technologies in the 4th quarter valued at approximately $451,000. Geode Capital Management LLC boosted its holdings in Aeva Technologies by 1.5% in the 4th 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 in the last quarter. Advisory Services Network LLC purchased a new stake in Aeva Technologies in the 4th quarter valued at approximately $78,000. Barclays PLC boosted its holdings in Aeva Technologies by 16.3% in 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 in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Aeva Technologies in the 4th quarter valued at approximately $90,000. Hedge funds and other institutional investors own 62.92% of the company's stock.

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.

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