Aeva Technologies (NASDAQ:AEVA) Shares Down 8.9% After Insider Selling

Key Points

• Aeva Technologies shares fell 8.9% in Friday mid-day trading, closing near $10.75 after reaching a low of $10.94; trading volume was 89% below its average.
• CTO Mina Rezk sold 50,000 shares for $604,000 at an average price of $12.08, reducing his stake by 3.11%; he retained 1,556,669 shares.
• Analysts have a consensus “Hold” rating and an average price target of $28.75, based on two Buy, two Hold, and one Sell rating.

Shares of Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) dropped 8.9% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $10.94 and last traded at $10.7470. Approximately 230,033 shares traded hands during trading, a decline of 89% from the average daily volume of 2,119,484 shares. The stock had previously closed at $11.80.

Specifically, CTO Mina Rezk sold 50,000 shares of Aeva Technologies stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $12.08, for a total value of $604,000.00. Following the sale, the chief technology officer owned 1,556,669 shares of the company's stock, valued at approximately $18,804,561.52. The trade was a 3.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

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

Aeva Technologies Price Performance

The company has a quick ratio of 7.63, a current ratio of 6.26 and a debt-to-equity ratio of 2.24. The stock has a market cap of $718.36 million, a P/E ratio of -3.78 and a beta of 2.56. The business's 50-day simple moving average is $12.78 and its two-hundred day simple moving average is $16.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Resona Asset Management Co. Ltd. lifted its position in shares of Aeva Technologies by 27.9% during the third quarter. Resona Asset Management Co. Ltd. now owns 6,094 shares of the company's stock worth $85,000 after acquiring an additional 1,330 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Aeva Technologies by 15.6% in the third quarter. Russell Investments Group Ltd. now owns 13,067 shares of the company's stock valued at $183,000 after purchasing an additional 1,765 shares in the last quarter. CenterBook Partners LP grew its position in shares of Aeva Technologies by 174.2% in the third quarter. CenterBook Partners LP now owns 481,383 shares of the company's stock valued at $6,759,000 after purchasing an additional 305,792 shares in the last quarter. Integrity Alliance LLC. purchased a new position in shares of Aeva Technologies in the third quarter valued at $205,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Aeva Technologies during the 3rd quarter valued at $378,000. 62.92% of the stock is owned by institutional investors.

Aeva Technologies Company Profile

Aeva Technologies develops lidar sensing systems and perception software for automotive and other industrial applications. Its technology uses frequency-modulated continuous-wave (FMCW) lidar to measure distance and the speed of objects, supporting applications such as vehicle perception and automation. The company's offerings include lidar sensors designed for automotive use, including its Atlas system, as well as sensing and perception solutions for industrial customers. Aeva's products are intended to help machines detect and interpret objects in their surroundings.

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