Aurora Innovation (NASDAQ:AUR) Shares Gap Up After Strong Earnings

Key Points

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Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.79, but opened at $6.22. Aurora Innovation shares last traded at $6.23, with a volume of 4,725,904 shares changing hands.

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 for the quarter, compared to analyst estimates of $0.50 million.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AUR shares. The Goldman Sachs Group increased their price target on shares of Aurora Innovation from $6.00 to $7.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Canaccord Genuity Group boosted their price objective on shares of Aurora Innovation from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Finally, Needham & Company LLC boosted their price objective on shares of Aurora Innovation from $10.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Aurora Innovation presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.75.

Insider Buying and Selling

In other Aurora Innovation news, Director Gloria R. Boyland sold 46,097 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $5.92, for a total value of $272,894.24. Following the completion of the sale, the director owned 330,425 shares of the company's stock, valued at approximately $1,956,116. This trade represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.85% of the company's stock.

Institutional Investors Weigh In On Aurora Innovation

A number of hedge funds and other institutional investors have recently bought and sold shares of AUR. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Aurora Innovation in the first quarter worth $32,000. Signaturefd LLC raised its holdings in shares of Aurora Innovation by 208.0% in the first 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 last quarter. GAMMA Investing LLC raised its holdings in shares of Aurora Innovation by 147.3% in the first 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 last quarter. Farther Finance Advisors LLC raised its holdings in shares of Aurora Innovation by 463.3% in the second 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 last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Aurora Innovation by 37.2% in the first 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 last quarter. Institutional investors and hedge funds own 44.71% of the company's stock.

Aurora Innovation Stock Down 4.9%

The company has a market capitalization of $9.77 billion, a price-to-earnings ratio of -11.78 and a beta of 2.48. The stock has a fifty day moving average price of $5.72 and a two-hundred day moving average price of $6.54.

About Aurora Innovation

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.