Aurora Innovation (NASDAQ:AUR) Sets New 1-Year High – Here’s Why

Aurora Innovation, Inc. (NASDAQ:AUR) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.75 and last traded at $7.7630, with a volume of 7246054 shares changing hands. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AUR. Morgan Stanley reiterated an “overweight” rating and issued a $14.00 price target on shares of Aurora Innovation in a research report on Thursday, May 7th. TD Cowen upped their price objective on Aurora Innovation from $4.70 to $7.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. The Goldman Sachs Group raised their target price on Aurora Innovation from $4.00 to $5.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 target price on shares of Aurora Innovation in a research report on Thursday, May 7th. Finally, Wall Street Zen cut Aurora Innovation from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.50.

Aurora Innovation Trading Down 3.0%

The stock has a 50 day simple moving average of $4.97 and a 200-day simple moving average of $4.59. The firm has a market cap of $15.55 billion, a PE ratio of -18.03 and a beta of 2.58.

Aurora Innovation (NASDAQ:AUR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. Aurora Innovation had a negative return on equity of 40.45% and a negative net margin of 20,775.00%.The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.97 million. Aurora Innovation’s quarterly revenue was down 66.7% on a year-over-year basis. On average, equities research analysts expect that Aurora Innovation, Inc. will post -0.46 EPS for the current year.

Institutional Trading of Aurora Innovation

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada grew its position 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 purchasing an additional 59,801 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Aurora Innovation by 9.4% in the first quarter. AQR Capital Management LLC now owns 166,257 shares of the company’s stock worth $1,118,000 after buying an additional 14,220 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Aurora Innovation by 6.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,046,760 shares of the company’s stock worth $13,764,000 after buying an additional 127,953 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Aurora Innovation by 9.2% during the second quarter. Envestnet Asset Management Inc. now owns 32,868 shares of the company’s stock valued at $172,000 after buying an additional 2,774 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings 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 buying an additional 44,867 shares in the last quarter. Hedge funds and other institutional investors own 44.71% of the company’s stock.

About Aurora Innovation

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.