Bank of America Corp DE Acquires 16,975,927 Shares of Aurora Innovation, Inc. $AUR

Key Points

• Bank of America more than doubled its Aurora Innovation stake in the first quarter, buying 16.98 million shares to reach 30.04 million shares valued at approximately $123.7 million, or 1.53% of the company.
• Insider activity was mixed: Director David Wehner purchased 82,500 shares, while Director Reid Hoffman sold nearly 5.5 million shares. Insiders have sold 7.05 million shares worth about $54.3 million over the past 90 days.
• Aurora reported quarterly revenue of $2 million, up 100% year over year, but missed EPS estimates with a loss of $0.14 per share. Analysts’ consensus rating is “Hold”, with an average price target of $12.22 versus the stock’s recent price near $6.78.

Bank of America Corp DE grew its holdings in Aurora Innovation, Inc. (NASDAQ:AUR - Free Report) by 130.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,036,169 shares of the company's stock after purchasing an additional 16,975,927 shares during the quarter. Bank of America Corp DE owned about 1.53% of Aurora Innovation worth $123,749,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Garton & Associates Financial Advisors LLC bought a new position in shares of Aurora Innovation in the fourth quarter worth about $35,000. Danske Bank A S bought a new stake in shares of Aurora Innovation during the third quarter valued at approximately $36,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Aurora Innovation during the fourth quarter valued at approximately $39,000. Stonebridge Financial Group LLC MO acquired a new stake in shares of Aurora Innovation in the fourth quarter valued at approximately $40,000. Finally, Equitable Holdings Inc. acquired a new stake in shares of Aurora Innovation in the fourth quarter valued at approximately $41,000. Institutional investors own 44.71% of the company's stock.

Insider Transactions at Aurora Innovation

In related news, Director David M. Wehner bought 82,500 shares of Aurora Innovation stock in a transaction on Thursday, June 11th. The shares were purchased at an average price of $6.04 per share, for a total transaction of $498,300.00. Following the completion of the acquisition, the director owned 246,519 shares in the company, valued at approximately $1,488,974.76. This represents a 50.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reid Hoffman sold 5,498,487 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $7.81, for a total value of $42,943,183.47. Following the transaction, the director owned 77,500 shares of the company's stock, valued at $605,275. The trade was a 98.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,048,487 shares of company stock worth $54,295,119. Company insiders own 8.52% of the company's stock.

Aurora Innovation Stock Up 1.3%

AUR stock opened at $6.78 on Friday. Aurora Innovation, Inc. has a twelve month low of $3.60 and a twelve month high of $8.56. The company has a market cap of $13.30 billion, a P/E ratio of -14.43 and a beta of 2.64. The business's fifty day moving average is $6.43 and its 200-day moving average is $5.53.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). The company had revenue of $2.00 million for the quarter, compared to analyst estimates of $1.66 million. Aurora Innovation had a negative return on equity of 43.94% and a negative net margin of 18,000.00%.The firm's revenue for the quarter was up 100.0% on a year-over-year basis. During the same period last year, the firm earned ($0.11) earnings per share. Research analysts anticipate that Aurora Innovation, Inc. will post -0.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Aurora Innovation in a research report on Friday, July 17th. Wall Street Zen lowered Aurora Innovation from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Northland Securities initiated coverage on Aurora Innovation in a research note on Friday, May 29th. They issued an "outperform" rating and a $11.00 target price for the company. The Goldman Sachs Group boosted their target price on Aurora Innovation from $4.00 to $5.00 and gave the stock a "neutral" rating in a research report on Friday, April 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $12.00 price target on shares of Aurora Innovation in a research note on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $12.22.

Aurora Innovation Company Profile

Aurora Innovation, Inc is a technology company specializing in the development of self-driving vehicle systems for both passenger and commercial applications. Headquartered in Mountain View, California, Aurora has built an end-to-end platform—known as the Aurora Driver—that integrates proprietary software, machine learning algorithms and a suite of sensors (LiDAR, radar and cameras) to enable vehicles to operate safely and efficiently in diverse driving environments.

The company's core business revolves around designing, testing and deploying its autonomy stack on vehicles from established automotive and transportation partners.

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