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

Shares of Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $29.21, but opened at $28.31. Aeva Technologies shares last traded at $27.12, with a volume of 342,812 shares.

Wall Street Analyst Weigh In

AEVA has been the subject of several recent analyst reports. Roth Capital increased their price target on Aeva Technologies from $17.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Wall Street Zen upgraded shares of Aeva Technologies from a "sell" rating to a "hold" rating in a report on Saturday, June 14th. 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 report on Thursday, May 15th. Oppenheimer increased their price objective on shares of Aeva Technologies from $9.00 to $18.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Finally, Morgan Stanley boosted their price objective on shares of Aeva Technologies from $5.22 to $11.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.50.

Aeva Technologies Stock Up 2.6%

The company's fifty day moving average is $22.35 and its 200 day moving average is $11.07. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -9.46 and a beta of 1.95.

Insider Buying and Selling

In other news, CTO Mina Rezk sold 69,901 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $30.54, for a total value of $2,134,776.54. Following the sale, the chief technology officer directly owned 1,575,273 shares of the company's stock, valued at approximately $48,108,837.42. This represents a 4.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hrach Simonian sold 100,000 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $24.86, for a total transaction 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 $89,422,389.54. This trade represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,111,080 shares of company stock worth $18,014,103. 27.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AEVA. GAMMA Investing LLC lifted its holdings in Aeva Technologies by 92.2% during the 2nd 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 last quarter. Jones Financial Companies Lllp grew its stake in Aeva Technologies by 27,345.0% in the 1st quarter. Jones Financial Companies Lllp now owns 5,489 shares of the company's stock valued at $38,000 after buying an additional 5,469 shares during the last quarter. Intech Investment Management LLC bought a new position in Aeva Technologies in the 4th quarter valued at about $52,000. Squarepoint Ops LLC acquired a new stake in Aeva Technologies during the fourth quarter worth approximately $54,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Aeva Technologies during the fourth quarter worth approximately $63,000. 62.92% of the stock is currently owned by institutional investors.

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.