Aurora Innovation (NASDAQ:AUR) Stock Price Down 4.8% - Here's What Happened

Key Points

• Aurora Innovation's stock experienced a decline of 4.8%, trading as low as $5.62 before recovering slightly to $5.70, with a significant drop in trading volume.
• Analysts have upgraded their price targets for Aurora Innovation, with Needham raising its target from $10 to $13, and Canaccord Genuity increasing theirs from $10 to $15, reflecting a positive outlook on the stock.
• Despite the recent stock drop, Aurora reported better-than-expected earnings, with an EPS of ($0.11), surpassing analysts' projections of ($0.12) per share, indicating potential growth in revenue.

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s stock price fell 4.8% during mid-day trading on Wednesday . The company traded as low as $5.62 and last traded at $5.70. 9,101,559 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 19,454,092 shares. The stock had previously closed at $5.98.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AUR. Needham & Company LLC lifted their price target on Aurora Innovation from $10.00 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. The Goldman Sachs Group lifted their price target on Aurora Innovation from $6.00 to $7.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Finally, Canaccord Genuity Group lifted their price target on Aurora Innovation from $10.00 to $15.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.75.

Aurora Innovation Trading Up 2.9%

The stock has a market cap of $11.11 billion, a price-to-earnings ratio of -12.81 and a beta of 2.49. The stock has a 50-day moving average price of $5.80 and a two-hundred day moving average price of $6.47.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. Research analysts predict that Aurora Innovation, Inc. will post -0.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John J. Donahoe purchased 162,337 shares of the stock in a transaction on Wednesday, August 6th. The stock was bought at an average price of $6.10 per share, with a total value of $990,255.70. Following the transaction, the director owned 162,337 shares in the company, valued at $990,255.70. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gloria R. Boyland sold 46,097 shares of Aurora Innovation stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $5.92, for a total value of $272,894.24. Following the sale, the director directly owned 330,425 shares of the company's stock, valued at approximately $1,956,116. This represents a 12.24% decrease in their position. The disclosure for this sale can be found here. 11.85% of the stock is owned by company insiders.

Institutional Trading of Aurora Innovation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Aurora Innovation during the 1st quarter worth about $32,000. Signaturefd LLC lifted its position in Aurora Innovation by 208.0% during the 1st quarter. Signaturefd LLC now owns 5,283 shares of the company's stock worth $36,000 after acquiring an additional 3,568 shares during the period. GAMMA Investing LLC lifted its position in Aurora Innovation by 147.3% during the 1st quarter. GAMMA Investing LLC now owns 5,922 shares of the company's stock worth $40,000 after acquiring an additional 3,527 shares during the period. Farther Finance Advisors LLC lifted its position in Aurora Innovation by 463.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,616 shares of the company's stock worth $40,000 after acquiring an additional 6,264 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Aurora Innovation by 37.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,683 shares of the company's stock worth $52,000 after acquiring an additional 2,085 shares during the period. Institutional investors and hedge funds own 44.71% of the company's stock.

Aurora Innovation Company Profile

Aurora Innovation, Inc operates as a self-driving technology company in the United States. It focuses on developing Aurora Driver, a platform that brings a suite of self-driving hardware, software, and data services together to adapt and interoperate vehicles. The company was founded in 2017 and is headquartered in Pittsburgh, Pennsylvania.