Aurora Innovation (NASDAQ:AUR) Shares Down 6.7% – Here’s What Happened

Aurora Innovation, Inc. (NASDAQ:AUR) shares were down 6.7% during mid-day trading on Monday. The stock traded as low as $5.66 and last traded at $5.6350. Approximately 7,396,901 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 25,063,072 shares. The stock had previously closed at $6.04.

Analysts Set New Price Targets

Several analysts recently commented on AUR shares. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 price objective on shares of Aurora Innovation in a research report on Monday, September 21st. Craig Hallum assumed coverage on shares of Aurora Innovation in a research note on Friday, June 5th. They issued a “buy” rating and a $18.00 target price on the stock. The Goldman Sachs Group increased their price objective on Aurora Innovation from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Thursday. Canaccord Genuity Group raised their target price on shares of Aurora Innovation from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Morgan Stanley lifted their target price on shares of Aurora Innovation from $14.00 to $18.00 and gave the stock an “overweight” rating in a research report on Friday, September 11th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Aurora Innovation has a consensus rating of “Moderate Buy” and an average target price of $13.11.

Aurora Innovation Stock Performance

The company’s 50-day moving average price is $6.34 and its 200 day moving average price is $5.99. The stock has a market cap of $10.99 billion, a PE ratio of -11.67 and a beta of 2.63.

Aurora Innovation (NASDAQ:AUR) last announced its 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 net margin of 18,000.00% and a negative return on equity of 43.94%. The business had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter last year, the firm posted ($0.11) earnings per share. The business’s quarterly revenue was up 100.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Aurora Innovation, Inc. will post -0.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Aurora Innovation

In other news, Director Michelangelo Volpi sold 2,842,682 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $7.00, for a total transaction of $19,898,774.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 6,390,753 shares of company stock worth $44,826,378. Company insiders own 8.52% of the company’s stock.

Hedge Funds Weigh In On Aurora Innovation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in Aurora Innovation by 130.0% during the first quarter. Bank of America Corp DE now owns 30,036,169 shares of the company’s stock valued at $123,749,000 after purchasing an additional 16,975,927 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Aurora Innovation by 6.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 274,809,541 shares of the company’s stock worth $1,055,269,000 after buying an additional 16,933,373 shares during the period. Janus Henderson Group PLC lifted its position in shares of Aurora Innovation by 2,068.8% during the 1st quarter. Janus Henderson Group PLC now owns 11,243,080 shares of the company’s stock valued at $46,319,000 after buying an additional 10,724,682 shares in the last quarter. SC US Ttgp LTD. purchased a new position in shares of Aurora Innovation during the 4th quarter valued at about $33,830,000. Finally, Norges Bank bought a new position in shares of Aurora Innovation during the 4th quarter valued at approximately $32,055,000. 44.71% of the stock is currently owned by hedge funds and other institutional investors.

Aurora Innovation Company Profile

Aurora Innovation, Inc develops autonomous vehicle technology designed to transport people and goods without human drivers. Its core product, the Aurora Driver, combines artificial intelligence, sensors, mapping, and other software and hardware systems to enable automated driving across trucking, ride-hailing, and logistics applications.

The company is initially focused on autonomous trucking, where its technology is intended to support long-haul freight operations and improve safety, efficiency, and vehicle utilization.