Aeva Technologies (NASDAQ:AEVA) Stock Price Down 7.8% - Here's Why

Key Points

• Aeva Technologies shares fell 7.8% to $21.89 in mid-day trading, with volume down 89% from the average session.
• Analyst sentiment remains mixed: Canaccord and Oppenheimer were bullish, while Weiss Ratings and Wall Street Zen were bearish. The overall consensus rating is “Hold”, with an average price target of $31.67.
• Insiders have sold 1.22 million shares worth approximately $29.1 million over the past 90 days, including substantial sales by the CEO and CTO.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report)'s share price was down 7.8% during mid-day trading on Tuesday . The company traded as low as $21.66 and last traded at $21.89. 252,295 shares traded hands during trading, a decline of 89% from the average session volume of 2,305,945 shares. The stock had previously closed at $23.75.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AEVA shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Aeva Technologies in a research note on Friday, August 7th. Canaccord Genuity Group lifted their target price on shares of Aeva Technologies from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen lowered Aeva Technologies from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Morgan Stanley raised their price target on Aeva Technologies from $18.50 to $27.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $42.00 price objective on shares of Aeva Technologies in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $31.67.

Aeva Technologies Stock Down 12.3%

The firm's 50-day simple moving average is $21.39 and its 200 day simple moving average is $18.05. The company has a debt-to-equity ratio of 3.52, a quick ratio of 7.63 and a current ratio of 7.85. The company has a market cap of $1.31 billion, a P/E ratio of -7.63 and a beta of 2.47.

Insider Activity

In related news, CTO Mina Rezk sold 350,000 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $24.57, for a total value of $8,599,500.00. Following the sale, the chief technology officer directly owned 1,706,669 shares of the company's stock, valued at approximately $41,932,857.33. The trade was a 17.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Soroush Salehian Dardashti sold 225,349 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $24.57, for a total value of $5,536,824.93. Following the completion of the sale, the chief executive officer owned 1,659,957 shares in the company, valued at approximately $40,785,143.49. This trade represents a 11.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,222,344 shares of company stock worth $29,083,486 in the last 90 days. Corporate insiders own 36.70% of the company's stock.

Hedge Funds Weigh In On Aeva Technologies

Institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in Aeva Technologies during the 2nd quarter valued at $36,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Aeva Technologies during the 4th quarter worth $33,000. Daiwa Securities Group Inc. bought a new stake in shares of Aeva Technologies during the second quarter worth $100,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Aeva Technologies in the fourth quarter valued at approximately $47,000. Finally, Tower Research Capital LLC TRC raised its position in Aeva Technologies by 127.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,311 shares of the company's stock worth $163,000 after purchasing an additional 2,419 shares during the last quarter. 62.92% of the stock is currently owned by institutional investors and hedge funds.

About Aeva Technologies

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva's core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company's FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva's systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.

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