Lord Abbett & CO. LLC Acquires New Stake in Aurora Innovation, Inc. $AUR

Key Points

• Lord Abbett & Co. LLC acquired a new stake in Aurora Innovation, Inc. by purchasing 404,445 shares valued at approximately $2.72 million.
• Aurora Innovation has shown significant interest from institutional investors, with hedge funds collectively owning 44.71% of the company's stock.
• Analysts have raised their price targets for Aurora Innovation, with a consensus average target price now at $10.75 and a current rating of "Moderate Buy".

Lord Abbett & CO. LLC purchased a new stake in Aurora Innovation, Inc. (NASDAQ:AUR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 404,445 shares of the company's stock, valued at approximately $2,720,000.

Other large investors also recently made changes to their positions in the company. Uber Technologies Inc bought a new stake in shares of Aurora Innovation in the 4th quarter valued at $2,053,632,000. Toyota Motor Corp bought a new position in Aurora Innovation during the fourth quarter worth about $298,294,000. Lightspeed Management Company L.L.C. bought a new position in Aurora Innovation during the fourth quarter worth about $74,003,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Aurora Innovation by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,671,319 shares of the company's stock worth $168,030,000 after acquiring an additional 3,237,609 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Aurora Innovation during the first quarter worth approximately $17,152,000. Institutional investors and hedge funds own 44.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AUR shares. The Goldman Sachs Group boosted their price target on Aurora Innovation from $6.00 to $7.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Needham & Company LLC boosted their price objective on shares of Aurora Innovation from $10.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Canaccord Genuity Group boosted their price objective on shares of Aurora Innovation from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $10.75.

Insiders Place Their Bets

In related news, Director Gloria R. Boyland sold 46,097 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $5.92, for a total value of $272,894.24. Following the completion of the sale, the director directly owned 330,425 shares in the company, valued at $1,956,116. This represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John J. Donahoe acquired 162,337 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average price of $6.10 per share, with a total value of $990,255.70. Following the completion of the acquisition, the director directly owned 162,337 shares of the company's stock, valued at $990,255.70. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 11.85% of the company's stock.

Aurora Innovation Stock Down 3.5%

Shares of NASDAQ:AUR traded down $0.21 during trading on Wednesday, hitting $5.77. 32,327,440 shares of the company were exchanged, compared to its average volume of 22,313,652. The business's 50 day moving average is $5.78 and its 200-day moving average is $6.48. The company has a market capitalization of $10.65 billion, a P/E ratio of -12.28 and a beta of 2.49. Aurora Innovation, Inc. has a 1-year low of $3.40 and a 1-year high of $10.77.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. As a group, sell-side analysts anticipate that Aurora Innovation, Inc. will post -0.49 earnings per share for the current year.

Aurora Innovation Company Profile

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.