Aurora Innovation (NASDAQ:AUR) Shares Down 4.6% - What's Next?

Key Points

• Aurora Innovation shares fell 4.6% to about $5.56, with trading volume down sharply versus the daily average. The stock has a market capitalization of roughly $11.1 billion and remains unprofitable.
• Analyst opinions are mixed: the consensus rating is “Hold” with an average price target of $12.22, although several firms maintain Buy or Overweight ratings with targets ranging from $11 to $14.
• Aurora’s latest quarterly results missed earnings expectations, reporting a loss of $0.14 per share versus the estimated $0.12 loss, while revenue reached $2 million and doubled year over year. Insider activity was notably negative, with insiders selling 6.39 million shares worth approximately $44.8 million over the past 90 days.

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s share price was down 4.6% during trading on Monday . The company traded as low as $5.63 and last traded at $5.5640. Approximately 1,233,092 shares were traded during trading, a decline of 95% from the average daily volume of 24,089,229 shares. The stock had previously closed at $5.83.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Aurora Innovation from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 1st. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Aurora Innovation in a research note on Thursday, May 7th. Morgan Stanley restated an "overweight" rating and issued a $14.00 price objective on shares of Aurora Innovation in a report on Thursday, May 7th. Northland Securities began coverage on Aurora Innovation in a report on Friday, May 29th. They set an "outperform" rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $12.00 target price on shares of Aurora Innovation in a research report on Thursday, July 23rd. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $12.22.

Aurora Innovation Trading Down 5.3%

The stock has a market cap of $11.06 billion, a P/E ratio of -11.74 and a beta of 2.64. The stock's fifty day moving average price is $6.39 and its 200 day moving average price is $5.76.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Aurora Innovation had a negative return on equity of 43.94% and a negative net margin of 18,000.00%.The business had revenue of $2.00 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. The firm's revenue was up 100.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Aurora Innovation, Inc. will post -0.48 earnings per share for the current year.

Insider Transactions at Aurora Innovation

In other news, Director Michelangelo Volpi sold 2,842,682 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $7.00, for a total value of $19,898,774.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David M. Wehner purchased 82,500 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was bought at an average cost of $6.04 per share, for a total transaction of $498,300.00. Following the completion of the transaction, the director owned 246,519 shares in the company, valued at approximately $1,488,974.76. This represents a 50.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 6,390,753 shares of company stock worth $44,826,378. Corporate insiders own 8.52% of the company's stock.

Institutional Investors Weigh In On Aurora Innovation

Several hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in shares of Aurora Innovation by 35.7% during the first quarter. Royal Bank of Canada now owns 227,475 shares of the company's stock valued at $1,530,000 after acquiring an additional 59,801 shares in the last quarter. AQR Capital Management LLC grew its position in Aurora Innovation by 9.4% during the 1st quarter. AQR Capital Management LLC now owns 166,257 shares of the company's stock valued at $1,118,000 after purchasing an additional 14,220 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Aurora Innovation by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,046,760 shares of the company's stock valued at $13,764,000 after purchasing an additional 127,953 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Aurora Innovation by 9.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 32,868 shares of the company's stock valued at $172,000 after purchasing an additional 2,774 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Aurora Innovation by 66.5% during the 2nd quarter. Cetera Investment Advisers now owns 112,351 shares of the company's stock valued at $589,000 after purchasing an additional 44,867 shares in the last quarter. 44.71% of the stock is owned by institutional investors.

Aurora Innovation Company Profile

Aurora Innovation, Inc is a technology company specializing in the development of self-driving vehicle systems for both passenger and commercial applications. Headquartered in Mountain View, California, Aurora has built an end-to-end platform—known as the Aurora Driver—that integrates proprietary software, machine learning algorithms and a suite of sensors (LiDAR, radar and cameras) to enable vehicles to operate safely and efficiently in diverse driving environments.

The company's core business revolves around designing, testing and deploying its autonomy stack on vehicles from established automotive and transportation partners.

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