Aurora Innovation (NASDAQ:AUR) Stock Price Up 2.7% - What's Next?

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) shares shot up 2.7% on Monday . The stock traded as high as $6.56 and last traded at $6.33. 6,319,990 shares were traded during trading, a decline of 67% from the average session volume of 19,287,660 shares. The stock had previously closed at $6.16.

Analyst Ratings Changes

Several brokerages have weighed in on AUR. Needham & Company LLC upped their target price on shares of Aurora Innovation from $10.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. The Goldman Sachs Group upped their target price on shares of Aurora Innovation from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. Finally, 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 research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Aurora Innovation currently has a consensus rating of "Moderate Buy" and an average target price of $10.75.

Aurora Innovation Price Performance

The firm's 50-day moving average price is $5.76 and its 200 day moving average price is $6.50. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of -13.96 and a beta of 2.49.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, analysts predict that Aurora Innovation, Inc. will post -0.49 earnings per share for the current fiscal year.

Insider Activity at Aurora Innovation

In related news, Director Gloria R. Boyland sold 46,097 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $1,956,116. This represents a 12.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John J. Donahoe acquired 162,337 shares of Aurora Innovation stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $6.10 per share, for a total transaction of $990,255.70. Following the purchase, the director directly owned 162,337 shares of the company's stock, valued at approximately $990,255.70. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 11.85% of the company's stock.

Hedge Funds Weigh In On Aurora Innovation

Several institutional investors and hedge funds have recently modified their holdings of the company. Durable Capital Partners LP raised its stake in Aurora Innovation by 36.7% during the second quarter. Durable Capital Partners LP now owns 20,404,238 shares of the company's stock worth $106,918,000 after purchasing an additional 5,481,969 shares during the period. California State Teachers Retirement System raised its stake in Aurora Innovation by 9.5% during the second quarter. California State Teachers Retirement System now owns 948,367 shares of the company's stock worth $4,969,000 after purchasing an additional 82,127 shares during the period. Raymond James Financial Inc. raised its stake in Aurora Innovation by 42.2% during the second quarter. Raymond James Financial Inc. now owns 315,086 shares of the company's stock worth $1,651,000 after purchasing an additional 93,549 shares during the period. Treasurer of the State of North Carolina purchased a new position in Aurora Innovation during the second quarter worth approximately $2,411,000. Finally, Squarepoint Ops LLC raised its stake in Aurora Innovation by 3,256.1% during the second quarter. Squarepoint Ops LLC now owns 6,753,259 shares of the company's stock worth $35,387,000 after purchasing an additional 6,552,034 shares during the period. 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.