Aurora Innovation (NASDAQ:AUR) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Aurora Innovation missed earnings expectations: The company reported a quarterly loss of $0.14 per share, $0.02 worse than analysts’ forecast, while revenue of $2.00 million exceeded estimates of $1.66 million.
• Shares fell following the results: Aurora stock declined $0.23 to $5.98, with a market capitalization of approximately $11.73 billion and a 12-month trading range of $3.60 to $8.56.
• Analyst sentiment remains mixed: Aurora has a consensus “Hold” rating and an average price target of $12.22, while insiders sold more than 7 million shares worth about $54.3 million over the past three months.

Aurora Innovation (NASDAQ:AUR - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02), FiscalAI reports. Aurora Innovation had a negative return on equity of 40.45% and a negative net margin of 20,775.00%.The business had revenue of $2.00 million during the quarter, compared to analyst estimates of $1.66 million.

Aurora Innovation Stock Performance

Shares of NASDAQ:AUR traded down $0.23 during trading on Wednesday, reaching $5.98. 33,279,142 shares of the stock were exchanged, compared to its average volume of 23,468,385. Aurora Innovation has a 12-month low of $3.60 and a 12-month high of $8.56. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of -13.59 and a beta of 2.63. The firm's 50-day moving average price is $6.50 and its 200 day moving average price is $5.44.

Insider Buying and Selling

In other Aurora Innovation news, Director David M. Wehner purchased 82,500 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $6.04 per share, for a total transaction of $498,300.00. Following the completion of the acquisition, the director owned 246,519 shares of the company's stock, valued at approximately $1,488,974.76. This represents a 50.30% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Reid Hoffman sold 1,202,354 shares of Aurora Innovation stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $7.27, for a total transaction of $8,741,113.58. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 7,048,487 shares of company stock valued at $54,295,119. Corporate insiders own 8.52% of the company's stock.

Institutional Trading of Aurora Innovation

Institutional investors have recently added to or reduced their stakes in the business. Garton & Associates Financial Advisors LLC acquired a new stake in Aurora Innovation in the 4th quarter valued at $35,000. Danske Bank A S acquired a new position in shares of Aurora Innovation during the third quarter worth about $36,000. Equitable Holdings Inc. purchased a new stake in shares of Aurora Innovation in the fourth quarter worth about $41,000. Gateway Wealth Partners LLC purchased a new stake in shares of Aurora Innovation in the fourth quarter worth about $51,000. Finally, Abel Hall LLC grew its stake in shares of Aurora Innovation by 21.0% in the fourth quarter. Abel Hall LLC now owns 13,596 shares of the company's stock valued at $52,000 after buying an additional 2,356 shares in the last quarter. 44.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AUR has been the topic of several research analyst reports. TD Cowen raised their target price on shares of Aurora Innovation from $4.70 to $7.00 and gave the stock a "hold" rating in a research report on Thursday, May 7th. The Goldman Sachs Group upped their price target on shares of Aurora Innovation from $4.00 to $5.00 and gave the stock a "neutral" rating in a research report on Friday, April 17th. Morgan Stanley reaffirmed an "overweight" rating and set a $14.00 price target on shares of Aurora Innovation in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Aurora Innovation in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of Aurora Innovation from a "hold" rating to a "sell" rating in a research note on Sunday, April 26th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Aurora Innovation presently has a consensus rating of "Hold" and an average target price of $12.22.

About Aurora Innovation

Aurora Innovation, Inc is a technology company specializing in the development of self-driving vehicle systems for both passenger and commercial applications. Headquartered in Mountain View, California, Aurora has built an end-to-end platform—known as the Aurora Driver—that integrates proprietary software, machine learning algorithms and a suite of sensors (LiDAR, radar and cameras) to enable vehicles to operate safely and efficiently in diverse driving environments.

The company's core business revolves around designing, testing and deploying its autonomy stack on vehicles from established automotive and transportation partners.

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