Aurora Innovation (NASDAQ:AUR) Trading Down 2.1% - Here's Why

Shares of Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report) dropped 2.1% during trading on Friday . The stock traded as low as $6.70 and last traded at $6.68. Approximately 4,832,834 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 12,855,495 shares. The stock had previously closed at $6.82.

Analyst Upgrades and Downgrades

AUR has been the subject of several analyst reports. TD Cowen initiated coverage on shares of Aurora Innovation in a report on Friday, March 7th. They issued a "hold" rating and a $8.00 target price for the company. The Goldman Sachs Group raised their price objective on shares of Aurora Innovation from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Morgan Stanley began coverage on shares of Aurora Innovation in a report on Monday, March 3rd. They set an "overweight" rating and a $12.00 price objective for the company. Canaccord Genuity Group raised their price objective 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. Finally, Needham & Company LLC raised their price objective on shares of Aurora Innovation from $10.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $10.75.

Aurora Innovation Price Performance

The stock has a market cap of $10.88 billion, a PE ratio of -13.30 and a beta of 2.76. The firm's 50 day moving average price is $6.79 and its two-hundred day moving average price is $6.85.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01). Analysts anticipate that Aurora Innovation, Inc. will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Aurora Innovation

Several large investors have recently modified their holdings of AUR. Twin Tree Management LP increased its stake in shares of Aurora Innovation by 217.2% in the fourth quarter. Twin Tree Management LP now owns 4,450 shares of the company's stock worth $28,000 after purchasing an additional 3,047 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Aurora Innovation during the 1st quarter worth approximately $32,000. Signaturefd LLC lifted its stake in Aurora Innovation by 208.0% in the 1st quarter. Signaturefd LLC now owns 5,283 shares of the company's stock worth $36,000 after purchasing an additional 3,568 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Aurora Innovation by 147.3% in the 1st quarter. GAMMA Investing LLC now owns 5,922 shares of the company's stock valued at $40,000 after purchasing an additional 3,527 shares during the period. Finally, GPS Wealth Strategies Group LLC grew its position in shares of Aurora Innovation by 241.7% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 7,005 shares of the company's stock valued at $44,000 after purchasing an additional 4,955 shares in the last quarter. Hedge funds and other institutional investors own 44.71% of the company's stock.

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.