Morgan Stanley Raises Aeva Technologies (NASDAQ:AEVA) Price Target to $27.00

Key Points

• Morgan Stanley raised Aeva Technologies’ price target from $18.50 to $27.00 while maintaining an “equal weight” rating, implying limited upside from the prior close.
• Analyst sentiment remains mixed: the consensus rating is “Hold,” with an average price target of $31.67; targets from other firms range from $26.00 to $42.00.
• Aeva reported quarterly revenue of $6.26 million and an adjusted loss of $0.41 per share, while insiders sold more than $19.3 million of stock over the past 90 days.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) had its price objective upped by equities research analysts at Morgan Stanley from $18.50 to $27.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price objective would indicate a potential upside of 1.66% from the stock's previous close.

AEVA has been the subject of a number of other research reports. Oppenheimer restated an "outperform" rating and issued a $42.00 price target on shares of Aeva Technologies in a research report on Thursday. Canaccord Genuity Group boosted their price objective on Aeva Technologies from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday. Weiss Ratings raised shares of Aeva Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, May 11th. Finally, Wall Street Zen cut shares of Aeva Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $31.67.

Aeva Technologies Stock Performance

Shares of AEVA stock traded up $1.30 during mid-day trading on Friday, reaching $26.56. 1,766,751 shares of the company's stock traded hands, compared to its average volume of 2,344,264. The company has a debt-to-equity ratio of 7.32, a quick ratio of 3.89 and a current ratio of 4.09. The firm has a market capitalization of $1.67 billion, a PE ratio of -9.73 and a beta of 2.47. Aeva Technologies has a 12 month low of $8.83 and a 12 month high of $31.30. The firm has a 50 day moving average price of $21.60 and a two-hundred day moving average price of $17.71.

Aeva Technologies (NASDAQ:AEVA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.41) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.12. The company had revenue of $6.26 million for the quarter. Aeva Technologies had a negative return on equity of 1,166.04% and a negative net margin of 150.12%. On average, research analysts forecast that Aeva Technologies will post -2.26 EPS for the current year.

Insider Activity

In other news, CFO Saurabh Sinha sold 20,620 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.16, for a total value of $436,319.20. Following the completion of the transaction, the chief financial officer owned 658,202 shares of the company's stock, valued at $13,927,554.32. This represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Mina Rezk sold 350,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $24.57, for a total value of $8,599,500.00. Following the completion of the transaction, the chief technology officer directly owned 1,706,669 shares of the company's stock, valued at approximately $41,932,857.33. This trade represents a 17.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 817,245 shares of company stock worth $19,342,658 over the last ninety days. Corporate insiders own 36.70% of the company's stock.

Institutional Investors Weigh In On Aeva Technologies

A number of institutional investors have recently added to or reduced their stakes in AEVA. Titan Global Capital Management USA LLC boosted its stake in Aeva Technologies by 95.1% during the first quarter. Titan Global Capital Management USA LLC now owns 159,743 shares of the company's stock valued at $2,102,000 after buying an additional 77,856 shares during the last quarter. Sona Asset Management US LLC purchased a new position in Aeva Technologies during the 1st quarter valued at approximately $987,000. Walleye Capital LLC bought a new stake in Aeva Technologies in the 1st quarter worth approximately $1,401,000. Siren L.L.C. bought a new stake in Aeva Technologies in the 1st quarter worth approximately $1,448,000. Finally, Melqart Asset Management UK Ltd raised its holdings in shares of Aeva Technologies by 45.1% during the 4th quarter. Melqart Asset Management UK Ltd now owns 547,436 shares of the company's stock worth $7,270,000 after acquiring an additional 170,096 shares in the last quarter. 62.92% of the stock is owned by hedge funds and other institutional investors.

Aeva Technologies Company Profile

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva's core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company's FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva's systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.

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