Aeva Technologies (NASDAQ:AEVA) Stock Price Down 1.4% Following Weak Earnings

Key Points

• Aeva Technologies shares experienced a decline of 1.4%, trading at approximately $19.15 after reaching a low of $18.82.
• Multiple research analysts have adjusted their price targets for Aeva Technologies, with Morgan Stanley raising its target to $11.00 and Roth Capital increasing it to $30.00, resulting in an average price target of $17.00.
• Insider activity saw significant stock sales, with the CTO selling nearly 70,000 shares for over $2 million and overall insider transactions totaling around $16 million in the last 90 days.

Shares of Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) dropped 1.4% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $18.82 and last traded at $19.15. Approximately 863,627 shares changed hands during trading, a decline of 49% from the average daily volume of 1,677,625 shares. The stock had previously closed at $19.43.

The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.02). The business had revenue of $5.51 million for the quarter, compared to analyst estimates of $3.40 million. Aeva Technologies had a negative net margin of 2,178.31% and a negative return on equity of 130.04%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group lifted their target price 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. Wall Street Zen downgraded shares of Aeva Technologies from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Roth Capital boosted their target price on shares of Aeva Technologies from $17.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Morgan Stanley boosted their target price 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. Finally, Oppenheimer boosted their target price 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.33.

Insider Activity at Aeva Technologies

In related news, Director Hrach Simonian sold 100,000 shares of the business'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 represents a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Saurabh Sinha sold 22,239 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $30.53, for a total transaction of $678,956.67. Following the sale, the chief financial officer directly owned 970,710 shares of the company's stock, valued at approximately $29,635,776.30. This represents a 2.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 772,164 shares of company stock worth $15,598,535 over the last quarter. Company insiders own 27.20% of the company's stock.

Institutional Investors Weigh In On Aeva Technologies

A number of institutional investors have recently modified their holdings of AEVA. GAMMA Investing LLC boosted its stake 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Aeva Technologies by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,722 shares of the company's stock valued at $96,000 after purchasing an additional 630 shares during the period. AlphaQuest LLC acquired a new position in Aeva Technologies during the 2nd quarter valued at about $51,000. Nisa Investment Advisors LLC boosted its stake in Aeva Technologies by 356.3% during 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. Finally, AQR Capital Management LLC lifted its stake in shares of Aeva Technologies by 29.2% in the 1st quarter. AQR Capital Management LLC now owns 20,849 shares of the company's stock worth $146,000 after acquiring an additional 4,707 shares during the period. Institutional investors own 62.92% of the company's stock.

Aeva Technologies Stock Performance

The business's 50 day moving average price is $25.20 and its two-hundred day moving average price is $12.90. The company has a market capitalization of $872.07 million, a price-to-earnings ratio of -2.88 and a beta of 1.95.

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.