Canaccord Genuity Group Forecasts Strong Price Appreciation for Aeva Technologies (NASDAQ:AEVA) Stock

Key Points

• Canaccord Genuity raised Aeva Technologies’ price target to $26 from $24 while maintaining a “buy” rating. However, the target implied 4.55% downside from the prior close, and analysts’ consensus rating remains “Hold” with a $34 target.
• Aeva shares rose $7.63 to $27.24, with the stock trading well above its 50-day and 200-day moving averages. The company recently reported a quarterly loss of $0.41 per share, beating estimates, on revenue of $6.26 million.
• Insiders have been net sellers, including significant sales by the CEO and CFO; insiders sold 817,245 shares worth about $19.3 million over 90 days. Institutional investors own 62.92% of the company, while Aeva continues developing FMCW LiDAR technology for automotive, industrial and robotics applications.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) had its price target increased by analysts at Canaccord Genuity Group from $24.00 to $26.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential downside of 4.55% from the company's previous close.

Other equities research analysts have also issued reports about the company. Weiss Ratings upgraded Aeva Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, May 11th. Wall Street Zen cut shares of Aeva Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $42.00 price objective on shares of Aeva Technologies in a research report on Thursday. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Aeva Technologies has a consensus rating of "Hold" and a consensus price target of $34.00.

Aeva Technologies Price Performance

NASDAQ AEVA traded up $7.63 during trading on Thursday, reaching $27.24. The company's stock had a trading volume of 5,220,653 shares, compared to its average volume of 2,320,291. The firm has a fifty day moving average of $21.62 and a 200 day moving average of $17.67. The company has a debt-to-equity ratio of 7.32, a current ratio of 4.09 and a quick ratio of 3.89. The stock has a market capitalization of $1.72 billion, a PE ratio of -5.46 and a beta of 2.47. Aeva Technologies has a one year low of $8.83 and a one year high of $31.30.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.12. The firm had revenue of $6.26 million for the quarter. Analysts expect that Aeva Technologies will post -2.26 EPS for the current fiscal year.

Insider Buying and Selling at Aeva Technologies

In other news, CFO Saurabh Sinha sold 20,620 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.16, for a total transaction of $436,319.20. Following the completion of the sale, the chief financial officer owned 658,202 shares in the company, valued at approximately $13,927,554.32. This trade represents a 3.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Soroush Salehian Dardashti sold 225,349 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $24.57, for a total transaction of $5,536,824.93. Following the transaction, the chief executive officer owned 1,659,957 shares of the company's stock, valued at $40,785,143.49. This trade represents a 11.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 817,245 shares of company stock worth $19,342,658. Insiders own 36.70% of the company's stock.

Hedge Funds Weigh In On Aeva Technologies

Institutional investors have recently added to or reduced their stakes in the business. Duquesne Family Office LLC bought a new position in Aeva Technologies during the 3rd quarter worth approximately $26,670,000. Millennium Management LLC bought a new stake in shares of Aeva Technologies during the 3rd quarter valued at about $25,751,000. Delta Global Management LP increased its position in shares of Aeva Technologies by 29.7% during the fourth quarter. Delta Global Management LP now owns 1,623,148 shares of the company's stock valued at $21,555,000 after buying an additional 372,159 shares during the period. Vanguard Group Inc. raised its stake in Aeva Technologies by 12.5% in the third quarter. Vanguard Group Inc. now owns 1,576,930 shares of the company's stock worth $22,865,000 after buying an additional 175,482 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Aeva Technologies by 158.3% in the fourth quarter. Handelsbanken Fonder AB now owns 1,445,409 shares of the company's stock worth $19,202,000 after buying an additional 885,774 shares during the period. 62.92% of the stock is currently owned by institutional investors.

About Aeva Technologies

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva's core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company's FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva's systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.

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