Aeva Technologies, Inc. $AEVA Shares Sold by Adage Capital Partners GP L.L.C.

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. decreased its stake in shares of Aeva Technologies, Inc. (NASDAQ:AEVA - Free Report) by 53.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund 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 SEC.

Other large investors have also modified their holdings of the company. Squarepoint Ops LLC bought a new position in shares of Aeva Technologies during the fourth quarter worth about $54,000. Barclays PLC lifted its position in shares of Aeva Technologies by 16.3% during the fourth quarter. Barclays PLC now owns 34,800 shares of the company's stock worth $166,000 after purchasing an additional 4,890 shares during the last quarter. Millennium Management LLC bought a new position in shares of Aeva Technologies during the fourth quarter worth about $174,000. Deutsche Bank AG lifted its position in shares of Aeva Technologies by 510.8% during the fourth quarter. Deutsche Bank AG now owns 45,039 shares of the company's stock worth $214,000 after purchasing an additional 37,665 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Aeva Technologies by 170.0% during the fourth quarter. Bank of America Corp DE now owns 48,255 shares of the company's stock worth $229,000 after purchasing an additional 30,380 shares during the last quarter. Institutional investors own 62.92% of the company's stock.

Analyst Upgrades and Downgrades

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

Aeva Technologies Trading Up 1.1%

AEVA traded up $0.18 on Friday, hitting $16.03. 1,422,335 shares of the company's stock were exchanged, compared to its average volume of 2,546,509. The firm has a market cap of $902.97 million, a PE ratio of -2.91 and a beta of 2.00. Aeva Technologies, Inc. has a twelve month low of $2.52 and a twelve month high of $38.80. The stock has a fifty day moving average of $18.76 and a two-hundred day moving average of $14.91.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last released 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). The business had revenue of $5.51 million for the quarter, compared to analyst estimates of $3.40 million. Aeva Technologies had a negative return on equity of 287.71% and a negative net margin of 2,178.31%. On average, analysts predict that Aeva Technologies, Inc. will post -2.7 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Mina Rezk sold 250,000 shares of Aeva Technologies stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $13.48, for a total transaction of $3,370,000.00. Following the sale, the chief technology officer owned 3,236,669 shares of the company's stock, valued at approximately $43,630,298.12. The trade was a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hrach Simonian sold 100,000 shares of Aeva Technologies stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $24.86, for a total value of $2,486,000.00. Following the sale, the director directly owned 3,597,039 shares in the company, valued at approximately $89,422,389.54. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 918,822 shares of company stock worth $16,447,215. 27.20% of the stock is currently owned by corporate insiders.

About Aeva Technologies

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.