Aeva Technologies (NASDAQ:AEVA) Shares Down 6.4% - Here's Why

Key Points

• Aeva Technologies shares fell 6.4% to $12.78 in Monday trading, with volume down 81% from the average session.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $28.75 price target, ranging from $20 to $42 among covering firms.
• Insiders sold 536,683 shares worth approximately $12.2 million over the past three months, while institutional investors own 62.92% of the company.

Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) shares dropped 6.4% on Monday. The company traded as low as $12.71 and last traded at $12.78. Approximately 409,041 shares were traded during mid-day trading, a decline of 81% from the average session volume of 2,143,911 shares. The stock had previously closed at $13.66.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AEVA. Morgan Stanley upped their price objective on shares of Aeva Technologies from $18.50 to $27.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Aeva Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, September 4th. The Goldman Sachs Group initiated coverage on shares of Aeva Technologies in a research note on Monday, August 24th. They issued a "neutral" rating and a $20.00 price target for the company. Oppenheimer reissued an "outperform" rating and issued a $42.00 price target on shares of Aeva Technologies in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Aeva Technologies from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Aeva Technologies currently has a consensus rating of "Hold" and a consensus price target of $28.75.

Aeva Technologies Price Performance

The company has a quick ratio of 7.63, a current ratio of 7.85 and a debt-to-equity ratio of 3.52. The stock has a market cap of $786.12 million, a P/E ratio of -4.57 and a beta of 2.41. The firm's fifty day moving average price is $17.16 and its 200-day moving average price is $18.50.

Insider Activity at Aeva Technologies

In other Aeva Technologies news, CFO Saurabh Sinha sold 34,146 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $14.83, for a total value of $506,385.18. Following the sale, the chief financial officer owned 547,226 shares of the company's stock, valued at $8,115,361.58. This trade represents a 5.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Mina Rezk sold 100,000 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.01, for a total transaction of $2,401,000.00. Following the completion of the sale, the chief technology officer directly owned 1,606,669 shares in the company, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 536,683 shares of company stock worth $12,154,457 in the last three months. 36.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Aeva Technologies

Several hedge funds and other institutional investors have recently modified their holdings of AEVA. Delta Global Management LP lifted its holdings in Aeva Technologies by 29.7% in the 4th quarter. Delta Global Management LP now owns 1,623,148 shares of the company's stock worth $21,555,000 after buying an additional 372,159 shares during the period. Melqart Asset Management UK Ltd grew its position in shares of Aeva Technologies by 45.1% in the 4th quarter. Melqart Asset Management UK Ltd now owns 547,436 shares of the company's stock worth $7,270,000 after buying an additional 170,096 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Aeva Technologies in the 2nd quarter worth approximately $2,382,000. Titan Global Capital Management USA LLC grew its position in shares of Aeva Technologies by 95.1% in the 1st quarter. Titan Global Capital Management USA LLC now owns 159,743 shares of the company's stock worth $2,102,000 after buying an additional 77,856 shares during the last quarter. Finally, Siren L.L.C. purchased a new position in shares of Aeva Technologies during the first quarter valued at approximately $1,448,000. 62.92% of the stock is owned by institutional investors.

About Aeva Technologies

Aeva Technologies, Inc develops perception and sensing systems based on frequency-modulated continuous-wave (FMCW) technology. Its core products are 4D LiDAR sensors and related software designed to measure an object's location, velocity and other characteristics in real time. The company's technology is intended to support advanced driver-assistance systems, autonomous vehicles and other applications that require high-resolution environmental perception.

Aeva offers automotive and industrial sensing solutions, including its Aeries line of automotive-grade 4D LiDAR sensors and Atlas systems for automated driving and mapping applications.

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