Aurora Innovation (NASDAQ:AUR) Stock Price Down 4.8% - Time to Sell?

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.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Aurora Innovation from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. The Goldman Sachs Group raised their price target on shares of Aurora Innovation from $6.00 to $7.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Finally, Needham & Company LLC raised their price target on shares of Aurora Innovation from $10.00 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Aurora Innovation currently has an average rating of "Moderate Buy" and an average price target of $10.75.

Aurora Innovation Stock Performance

The company's 50-day moving average price is $5.80 and its two-hundred day moving average price is $6.47. The stock has a market cap of $11.11 billion, a PE ratio of -12.81 and a beta of 2.49.

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, beating the consensus estimate of ($0.12) by $0.01. The company had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.50 million. Equities research analysts forecast that Aurora Innovation, Inc. will post -0.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Aurora Innovation

In related news, Director Gloria R. Boyland sold 46,097 shares of Aurora Innovation stock in a transaction on Friday, June 6th. The shares were sold at an average price of $5.92, for a total value of $272,894.24. Following the transaction, the director owned 330,425 shares in the company, valued at $1,956,116. This trade represents a 12.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John J. Donahoe bought 162,337 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $990,255.70. Following the transaction, the director owned 162,337 shares in the company, valued at $990,255.70. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 11.85% of the company's stock.

Hedge Funds Weigh In On Aurora Innovation

A number of large investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. purchased a new position in Aurora Innovation in the 2nd quarter worth $140,000. Marex Group plc purchased a new position in Aurora Innovation in the 2nd quarter worth $177,000. Hudson Bay Capital Management LP purchased a new position in Aurora Innovation in the 2nd quarter worth $824,000. Ashford Capital Management Inc. raised its position in Aurora Innovation by 50.0% in the 2nd quarter. Ashford Capital Management Inc. now owns 57,000 shares of the company's stock worth $299,000 after purchasing an additional 19,000 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its position in Aurora Innovation by 54.4% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 6,170,556 shares of the company's stock worth $32,272,000 after purchasing an additional 2,173,549 shares during the period. Hedge funds and other institutional investors 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.