Canaccord Genuity Group Forecasts Strong Price Appreciation for Aurora Innovation (NASDAQ:AUR) Stock

Key Points

• Canaccord Genuity raised Aurora Innovation’s price target to $17 from $15 and maintained a “buy” rating, implying nearly 169% upside from the prior close.
• Analyst sentiment is generally positive, with eight buy ratings, two holds, and two sells; the consensus rating is “Moderate Buy” with an average target of $12.89.
• Aurora reported a quarterly loss of $0.14 per share, missing estimates, despite revenue doubling year over year to $2 million. Insiders have sold more than 6.3 million shares worth approximately $44.8 million over the past 90 days.

Aurora Innovation (NASDAQ:AUR - Get Free Report) had its price objective hoisted by equities researchers at Canaccord Genuity Group from $15.00 to $17.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 168.99% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Northland Securities began coverage on Aurora Innovation in a research report on Friday, May 29th. They set an "outperform" rating and a $11.00 price objective on the stock. The Goldman Sachs Group reissued a "neutral" rating on shares of Aurora Innovation in a research note on Thursday. Craig Hallum initiated coverage on shares of Aurora Innovation in a research note on Friday, June 5th. They set a "buy" rating and a $18.00 price target on the stock. Evercore restated an "outperform" rating on shares of Aurora Innovation in a report on Tuesday, September 15th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Aurora Innovation in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Aurora Innovation has an average rating of "Moderate Buy" and an average target price of $12.89.

Aurora Innovation Stock Down 2.2%

AUR opened at $6.32 on Thursday. The firm's fifty day simple moving average is $6.33 and its two-hundred day simple moving average is $5.97. Aurora Innovation has a 52-week low of $3.60 and a 52-week high of $8.56. The company has a market cap of $12.67 billion, a price-to-earnings ratio of -13.45 and a beta of 2.63.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). Aurora Innovation had a negative net margin of 18,000.00% and a negative return on equity of 43.94%. The company had revenue of $2.00 million during the quarter, compared to analysts' expectations of $1.66 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The company's quarterly revenue was up 100.0% compared to the same quarter last year. On average, research analysts forecast that Aurora Innovation will post -0.48 EPS for the current year.

Insider Transactions at Aurora Innovation

In related news, Director Michelangelo Volpi sold 2,842,682 shares of Aurora Innovation stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $7.00, for a total value of $19,898,774.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 6,390,753 shares of company stock worth $44,826,378. Insiders own 8.52% of the company's stock.

Hedge Funds Weigh In On Aurora Innovation

Several hedge funds have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new position in Aurora Innovation in the 4th quarter valued at $39,000. Triad Wealth Partners LLC purchased a new position in Aurora Innovation during the first quarter worth approximately $43,000. Capula Management Ltd acquired a new stake in shares of Aurora Innovation during the 1st quarter worth $43,000. Navigation Group LLC acquired a new position in Aurora Innovation in the first quarter valued at $48,000. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of Aurora Innovation in the 1st quarter worth about $50,000. Hedge funds and other institutional investors own 44.71% of the company's stock.

Aurora Innovation Company Profile

Aurora Innovation, Inc develops autonomous vehicle technology designed to transport people and goods without human drivers. Its core product, the Aurora Driver, combines artificial intelligence, sensors, mapping, and other software and hardware systems to enable automated driving across trucking, ride-hailing, and logistics applications.

The company is initially focused on autonomous trucking, where its technology is intended to support long-haul freight operations and improve safety, efficiency, and vehicle utilization.

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