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

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $37.79, but opened at $36.04. Aeva Technologies shares last traded at $31.53, with a volume of 2,103,899 shares.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AEVA shares. Oppenheimer increased their price objective on Aeva Technologies from $9.00 to $18.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Canaccord Genuity Group increased their price target on Aeva Technologies from $9.50 to $16.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Roth Capital lifted their price objective on shares of Aeva Technologies from $17.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Morgan Stanley upped their target price on shares of Aeva Technologies from $5.22 to $11.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Finally, Wall Street Zen raised shares of Aeva Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $14.50.

Aeva Technologies Stock Up 6.5%

The firm has a market cap of $1.81 billion, a PE ratio of -11.62 and a beta of 1.95. The company has a 50-day simple moving average of $19.19 and a two-hundred day simple moving average of $9.74.

Insiders Place Their Bets

In related news, CFO Saurabh Sinha sold 10,123 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $31.09, for a total transaction of $314,724.07. Following the completion of the transaction, the chief financial officer owned 992,949 shares in the company, valued at approximately $30,870,784.41. This represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hrach Simonian sold 100,000 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $24.86, for a total transaction of $2,486,000.00. Following 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 970,051 shares of company stock valued at $13,224,093. 27.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Aeva Technologies

A number of hedge funds have recently modified their holdings of AEVA. Sylebra Capital LLC grew its holdings in Aeva Technologies by 56.4% during the first quarter. Sylebra Capital LLC now owns 16,228,553 shares of the company's stock valued at $113,600,000 after purchasing an additional 5,849,249 shares during the period. Parkwood LLC lifted its position in shares of Aeva Technologies by 415.7% during the 4th quarter. Parkwood LLC now owns 1,426,627 shares of the company's stock valued at $6,776,000 after buying an additional 1,150,000 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Aeva Technologies by 2,490.3% during the 4th quarter. Jane Street Group LLC now owns 648,942 shares of the company's stock worth $3,082,000 after acquiring an additional 623,889 shares during the period. Informed Momentum Co LLC bought a new position in shares of Aeva Technologies during the 1st quarter worth $781,000. Finally, LPL Financial LLC purchased a new stake in Aeva Technologies in the 4th quarter worth about $451,000. Institutional investors own 62.92% of the company's stock.

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.