Aeva Technologies (NASDAQ:AEVA) Shares Gap Up - Here's What Happened

Key Points

• Aeva Technologies shares opened higher, rising from a prior close of $14.27 to $14.80 before trading at $14.63 on volume of 258,255 shares.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $28.75 average price target, with targets ranging from $20 to $42.
• Company insiders have been selling shares, including the CTO and CFO, while insiders sold 698,157 shares worth $15.6 million over the past 90 days; institutional investors own 62.92% of the stock.

Shares of Aeva Technologies, Inc. (NASDAQ:AEVA - Get Free Report) gapped up prior to trading on Tuesday. The stock had previously closed at $14.27, but opened at $14.80. Aeva Technologies shares last traded at $14.63, with a volume of 258,255 shares changing hands.

Analyst Upgrades and Downgrades

AEVA has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on shares of Aeva Technologies from $18.50 to $27.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Wall Street Zen cut shares of Aeva Technologies from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. 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 objective for the company. Canaccord Genuity Group raised their price objective on Aeva Technologies from $24.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Oppenheimer reiterated an "outperform" rating and set a $42.00 target price on shares of Aeva Technologies in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.75.

Aeva Technologies Price Performance

The stock has a market cap of $875.00 million, a price-to-earnings ratio of -5.08 and a beta of 2.44. The company's 50 day moving average is $17.48 and its 200 day moving average is $18.57. The company has a debt-to-equity ratio of 3.52, a current ratio of 7.85 and a quick ratio of 7.63.

Insider Buying and Selling at Aeva Technologies

In related news, CTO Mina Rezk sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.01, for a total transaction of $2,401,000.00. Following the sale, the chief technology officer owned 1,606,669 shares in the company, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Saurabh Sinha sold 70,000 shares of Aeva Technologies stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $21.21, for a total transaction of $1,484,700.00. Following the completion of the transaction, the chief financial officer owned 581,372 shares in the company, valued at approximately $12,330,900.12. This trade represents a 10.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 698,157 shares of company stock worth $15,633,922. Corporate insiders own 36.70% of the company's stock.

Institutional Trading of Aeva Technologies

Large investors have recently added to or reduced their stakes in the business. Delta Global Management LP increased its position in Aeva Technologies by 29.7% during the fourth quarter. Delta Global Management LP now owns 1,623,148 shares of the company's stock worth $21,555,000 after acquiring an additional 372,159 shares during the period. Melqart Asset Management UK Ltd lifted its stake in shares of Aeva Technologies by 45.1% during the fourth quarter. Melqart Asset Management UK Ltd now owns 547,436 shares of the company's stock valued at $7,270,000 after acquiring an additional 170,096 shares during the period. Bank of New York Mellon Corp bought a new position in Aeva Technologies in the second quarter valued at approximately $2,382,000. Titan Global Capital Management USA LLC grew its position in shares of Aeva Technologies by 95.1% during 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 period. Finally, Siren L.L.C. bought a new stake in shares of Aeva Technologies in the 1st quarter valued at $1,448,000. 62.92% of the stock is currently owned by institutional investors and hedge funds.

About Aeva Technologies

Aeva Technologies, Inc develops sensing and perception technology for autonomous systems. The company's core products are frequency-modulated continuous-wave (FMCW) 4D lidar systems, which are designed to measure the distance, velocity and position of objects while generating detailed three-dimensional views of the surrounding environment.

Aeva's technology is intended for use in advanced driver-assistance systems, autonomous vehicles, industrial automation, robotics, mapping and other machine-perception applications.

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