Aurora Innovation (NASDAQ:AUR) Stock Price Down 7.3% - What's Next?

Key Points

• Aurora Innovation shares fell 7.3% to $6.70 in mid-day trading, with volume running 61% below the average session level.
• Analysts have an average rating of “Hold” and a consensus price target of $12.22, well above the current price; ratings include seven Buys, two Holds and two Sells.
• The company reported quarterly revenue of $2.0 million, up 100% year over year, but missed EPS expectations with a loss of $0.14 per share. Insider activity was mixed, including a director’s purchase of 82,500 shares and substantial recent insider selling.

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s share price traded down 7.3% on Wednesday . The company traded as low as $6.67 and last traded at $6.70. Approximately 9,191,085 shares were traded during mid-day trading, a decline of 61% from the average session volume of 23,532,799 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AUR. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Aurora Innovation in a report on Thursday, May 7th. The Goldman Sachs Group upped their target price on shares of Aurora Innovation from $4.00 to $5.00 and gave the stock a "neutral" rating in a report on Friday, April 17th. Northland Securities started coverage on shares of Aurora Innovation in a research report on Friday, May 29th. They issued an "outperform" rating and a $11.00 price target on the stock. Morgan Stanley reiterated an "overweight" rating and set a $14.00 price target on shares of Aurora Innovation in a research note on Thursday, May 7th. Finally, TD Cowen lifted their price target on Aurora Innovation from $4.70 to $7.00 and gave the company a "hold" rating in a research note on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $12.22.

Aurora Innovation Price Performance

The company has a market capitalization of $13.31 billion, a P/E ratio of -14.39 and a beta of 2.64. The firm has a fifty day moving average price of $6.44 and a 200-day moving average price of $5.50.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The business had revenue of $2.00 million during the quarter, compared to analysts' expectations of $1.66 million. Aurora Innovation had a negative return on equity of 43.94% and a negative net margin of 18,000.00%.The firm's revenue for the quarter was up 100.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. On average, research analysts forecast that Aurora Innovation, Inc. will post -0.48 EPS for the current year.

Insider Transactions at Aurora Innovation

In related news, Director David M. Wehner purchased 82,500 shares of Aurora Innovation stock in a transaction that occurred on Thursday, June 11th. The stock was bought at an average price of $6.04 per share, for a total transaction of $498,300.00. Following the completion of the transaction, the director owned 246,519 shares in the company, valued at $1,488,974.76. This represents a 50.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Reid Hoffman sold 5,498,487 shares of the firm's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $7.81, for a total transaction of $42,943,183.47. Following the sale, the director owned 77,500 shares of the company's stock, valued at $605,275. This trade represents a 98.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,048,487 shares of company stock worth $54,295,119 over the last three months. 8.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Aurora Innovation

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Aurora Innovation by 12.5% in the fourth quarter. Vanguard Group Inc. now owns 160,567,323 shares of the company's stock valued at $616,579,000 after purchasing an additional 17,818,179 shares during the last quarter. Bank of America Corp DE increased its position in Aurora Innovation by 130.0% in the first quarter. Bank of America Corp DE now owns 30,036,169 shares of the company's stock worth $123,749,000 after buying an additional 16,975,927 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in Aurora Innovation by 6.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 274,809,541 shares of the company's stock worth $1,055,269,000 after buying an additional 16,933,373 shares during the last quarter. Janus Henderson Group PLC increased its position in Aurora Innovation by 2,068.8% in the first quarter. Janus Henderson Group PLC now owns 11,243,080 shares of the company's stock worth $46,319,000 after buying an additional 10,724,682 shares during the last quarter. Finally, SC US Ttgp LTD. bought a new stake in shares of Aurora Innovation in the fourth quarter valued at $33,830,000. Hedge funds and other institutional investors own 44.71% of the company's stock.

Aurora Innovation Company Profile

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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