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

Several other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Aurora Innovation by 3,111.9% in the first quarter. Russell Investments Group Ltd. now owns 154,075 shares of the company's stock valued at $1,036,000 after purchasing an additional 149,278 shares in the last quarter. Informed Momentum Co LLC acquired a new position in Aurora Innovation during the first quarter worth $2,763,000. Mainsail Asset Management LLC acquired a new stake in Aurora Innovation in the first quarter valued at $135,000. Nuveen LLC acquired a new stake in Aurora Innovation in the first quarter valued at $17,152,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Aurora Innovation in the first quarter valued at $1,596,000. Institutional investors own 44.71% of the company's stock.

Aurora Innovation Trading Down 8.2%

NASDAQ:AUR traded down $0.5250 during mid-day trading on Tuesday, hitting $5.9150. 34,144,725 shares of the company's stock were exchanged, compared to its average volume of 19,458,924. The company has a 50 day simple moving average of $5.78 and a 200-day simple moving average of $6.49. Aurora Innovation, Inc. has a fifty-two week low of $3.40 and a fifty-two week high of $10.77. The firm has a market capitalization of $10.92 billion, a P/E ratio of -12.59 and a beta of 2.49.

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

Insider Activity at Aurora Innovation

In other news, Director Gloria R. Boyland sold 46,097 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $5.92, for a total value of $272,894.24. Following the transaction, the director owned 330,425 shares in the company, valued at approximately $1,956,116. The trade was a 12.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Donahoe bought 162,337 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average price of $6.10 per share, for a total transaction of $990,255.70. Following the transaction, the director directly owned 162,337 shares in the company, 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. 11.85% of the stock is owned by company insiders.

Analysts Set New Price Targets

AUR has been the subject of a number of research reports. The Goldman Sachs Group raised their target price on shares of Aurora Innovation from $6.00 to $7.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Canaccord Genuity Group lifted their price objective on shares of Aurora Innovation from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Needham & Company LLC lifted their price objective on shares of Aurora Innovation from $10.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $10.75.

Aurora Innovation 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.