Aurora Innovation (NASDAQ:AUR) Trading Up 2.7% - Here's Why

Key Points

• Aurora Innovation's stock increased by 2.7% on Monday, reaching a last traded price of $6.33, although trading volume declined significantly to 6.3 million shares compared to an average of 19.3 million.
• Several analysts have raised their target prices for Aurora Innovation, with Goldman Sachs adjusting their target from $6.00 to $7.00, while Canaccord Genuity increased theirs to $15.00, reflecting a positive sentiment in the market.
• The company reported earnings of ($0.11) per share, exceeding expectations, with total revenue for the quarter reaching $1.00 million, illustrating better-than-anticipated financial performance.

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s share price traded up 2.7% during mid-day trading on Monday . The company traded as high as $6.56 and last traded at $6.33. 6,319,990 shares were traded during mid-day trading, a decline of 67% from the average session volume of 19,287,660 shares. The stock had previously closed at $6.16.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AUR shares. The Goldman Sachs Group upped 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. Needham & Company LLC upped their price target on shares of Aurora Innovation from $10.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Canaccord Genuity Group upped their price target on shares of Aurora Innovation from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.75.

Aurora Innovation Trading Down 1.0%

The firm has a market cap of $11.39 billion, a P/E ratio of -13.16 and a beta of 2.49. The company's 50 day simple moving average is $5.72 and its 200-day simple moving average is $6.50.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.11) earnings per share (EPS) 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 the consensus estimate of $0.50 million. On average, sell-side analysts anticipate that Aurora Innovation, Inc. will post -0.49 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Aurora Innovation

A number of institutional investors and hedge funds have recently made changes to their positions in AUR. LPL Financial LLC boosted its holdings in shares of Aurora Innovation by 223.4% in the fourth quarter. LPL Financial LLC now owns 284,993 shares of the company's stock worth $1,795,000 after buying an additional 196,870 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Aurora Innovation by 194.5% in the fourth quarter. Franklin Resources Inc. now owns 36,378 shares of the company's stock worth $229,000 after buying an additional 24,024 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Aurora Innovation by 38.8% in the fourth quarter. Wells Fargo & Company MN now owns 561,721 shares of the company's stock worth $3,539,000 after buying an additional 157,012 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Aurora Innovation in the fourth quarter worth approximately $66,000. Finally, Legal & General Group Plc boosted its holdings in shares of Aurora Innovation by 34.9% in the fourth quarter. Legal & General Group Plc now owns 995,550 shares of the company's stock worth $6,272,000 after buying an additional 257,489 shares during 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.