Aeva Technologies (NASDAQ:AEVA) Shares Up 7.4% - Here's What Happened

Key Points

• Aeva Technologies' stock rose by 7.4%, closing at $15.35 after trading as high as $15.37, despite a significant drop in trading volume.
• Aeva received multiple upgrades from analysts, with price targets raised significantly, including Roth Capital's target of $30.00 and Oppenheimer's target of $33.00.
• Insider selling has been notable, with the CTO selling 250,000 shares for approximately $3.37 million, reflecting a 7.17% decrease in their position.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report)'s share price shot up 7.4% on Thursday . The stock traded as high as $15.37 and last traded at $15.35. 331,188 shares were traded during mid-day trading, a decline of 82% from the average session volume of 1,861,254 shares. The stock had previously closed at $14.29.

Analysts Set New Price Targets

A number of analysts have commented on AEVA shares. Roth Capital increased 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. Oppenheimer raised their price target on shares of Aeva Technologies from $18.00 to $33.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Aeva Technologies from $11.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Wall Street Zen raised shares of Aeva Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Canaccord Genuity Group raised their price target on shares of Aeva Technologies from $9.50 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.33.

Aeva Technologies Stock Up 12.2%

The stock has a market capitalization of $902.97 million, a price-to-earnings ratio of -2.91 and a beta of 2.00. The business's 50 day simple moving average is $19.43 and its 200-day simple moving average is $14.74.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $5.51 million for the quarter, compared to analyst estimates of $3.40 million. Aeva Technologies had a negative return on equity of 287.71% and a negative net margin of 2,178.31%. On average, analysts expect that Aeva Technologies, Inc. will post -2.7 earnings per share for the current year.

Insider Activity at Aeva Technologies

In related news, CTO Mina Rezk sold 250,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief technology officer owned 3,236,669 shares in the company, valued at $43,630,298.12. This trade represents a 7.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Saurabh Sinha sold 36,658 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $13.80, for a total transaction of $505,880.40. Following the transaction, the chief financial officer owned 774,052 shares of the company's stock, valued at approximately $10,681,917.60. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 918,822 shares of company stock valued at $16,447,215. 27.20% of the stock is currently owned by company insiders.

Institutional Trading of Aeva Technologies

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of Aeva Technologies by 92.2% in the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the company's stock valued at $33,000 after acquiring an additional 415 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Aeva Technologies in the 2nd quarter valued at $36,000. Total Investment Management Inc. bought a new stake in shares of Aeva Technologies in the 2nd quarter valued at $43,000. AlphaQuest LLC acquired a new stake in Aeva Technologies in the 2nd quarter valued at $51,000. Finally, Nisa Investment Advisors LLC grew its position in Aeva Technologies by 356.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,122 shares of the company's stock valued at $80,000 after purchasing an additional 1,657 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.