Adage Capital Partners GP L.L.C. Reduces Stock Position in Aeva Technologies, Inc. $AEVA

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its stake in Aeva Technologies by 53.8%, selling over 1.6 million shares, leaving it with approximately 1.4 million shares valued at about $9.8 million.
• Aeva Technologies recently reported a loss per share of $0.55 for the last quarter, missing analyst estimates, while revenue exceeded expectations at $5.51 million.
• Multiple investment firms have recently upgraded their ratings and target prices for Aeva Technologies, with Canaccord Genuity raising its target from $9.50 to $16.00 and Roth Capital from $17.00 to $30.00.

Adage Capital Partners GP L.L.C. trimmed its holdings in Aeva Technologies, Inc. (NASDAQ:AEVA - Free Report) by 53.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,401,454 shares of the company's stock after selling 1,633,708 shares during the period. Adage Capital Partners GP L.L.C. owned about 2.55% of Aeva Technologies worth $9,810,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in AEVA. Squarepoint Ops LLC bought a new stake in shares of Aeva Technologies during the fourth quarter worth about $54,000. Barclays PLC increased its holdings in Aeva Technologies by 16.3% during the 4th quarter. Barclays PLC now owns 34,800 shares of the company's stock worth $166,000 after purchasing an additional 4,890 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Aeva Technologies in the fourth quarter worth approximately $174,000. Deutsche Bank AG lifted its holdings in shares of Aeva Technologies by 510.8% in the fourth quarter. Deutsche Bank AG now owns 45,039 shares of the company's stock valued at $214,000 after purchasing an additional 37,665 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Aeva Technologies by 170.0% in the fourth quarter. Bank of America Corp DE now owns 48,255 shares of the company's stock valued at $229,000 after purchasing an additional 30,380 shares in the last quarter. 62.92% of the stock is currently owned by institutional investors and hedge funds.

Aeva Technologies Price Performance

Shares of Aeva Technologies stock traded up $0.84 on Tuesday, reaching $14.67. 1,806,686 shares of the company traded hands, compared to its average volume of 2,589,171. The company has a 50 day moving average of $19.77 and a 200 day moving average of $14.75. Aeva Technologies, Inc. has a 52 week low of $2.38 and a 52 week high of $38.80. The firm has a market capitalization of $826.36 million, a PE ratio of -2.67 and a beta of 2.00.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.02). Aeva Technologies had a negative return on equity of 287.71% and a negative net margin of 2,178.31%.The firm had revenue of $5.51 million during the quarter, compared to analysts' expectations of $3.40 million. As a group, analysts anticipate that Aeva Technologies, Inc. will post -2.7 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on AEVA. Canaccord Genuity Group increased their price target on Aeva Technologies from $9.50 to $16.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Oppenheimer raised their price target on shares of Aeva Technologies from $18.00 to $33.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded shares of Aeva Technologies from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Roth Capital increased their price objective on shares of Aeva Technologies from $17.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Morgan Stanley lifted their target price on shares of Aeva Technologies from $11.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

Insider Activity

In other Aeva Technologies news, Director Hrach Simonian sold 100,000 shares of Aeva Technologies stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $24.86, for a total transaction of $2,486,000.00. Following the completion of the sale, the director owned 3,597,039 shares of the company's stock, valued at $89,422,389.54. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Saurabh Sinha sold 160,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $13.33, for a total transaction of $2,132,800.00. Following the completion of the sale, the chief financial officer owned 810,710 shares of the company's stock, valued at approximately $10,806,764.30. The trade was a 16.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 918,822 shares of company stock worth $16,447,215 in the last three months. Insiders own 27.20% of the company's stock.

Aeva Technologies Company Profile

Aeva Technologies, Inc engages in the design, development, manufacture, and sale of LiDAR sensing systems, and related perception and autonomy-enabling software solutions in North America, Europe, the Middle East, Africa, and Asia. The company develops its products using frequency modulated continuous wave (FMCW) sensing technology.