Aurora Innovation (NASDAQ:AUR) Stock Price Down 7% After Insider Selling

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price traded down 7% on Tuesday after an insider sold shares in the company. The company traded as low as $6.82 and last traded at $6.9040. 8,416,378 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 21,001,963 shares. The stock had previously closed at $7.42.

Specifically, Director Reid Hoffman sold 347,646 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $7.51, for a total value of $2,610,821.46. Following the transaction, the director directly owned 60,118 shares of the company’s stock, valued at approximately $451,486.18. This trade represents a 85.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Reid Hoffman sold 5,498,487 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $7.81, for a total value of $42,943,183.47. Following the completion of the transaction, the director directly owned 77,500 shares in the company, valued at $605,275. The trade was a 98.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Ratings Changes

Several equities analysts recently weighed in on AUR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aurora Innovation in a research note on Monday, April 20th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price objective on shares of Aurora Innovation in a research note on Thursday, May 7th. Morgan Stanley reissued an “overweight” rating and issued a $14.00 price objective on shares of Aurora Innovation in a research note on Thursday, May 7th. The Goldman Sachs Group lifted their price objective on shares of Aurora Innovation from $4.00 to $5.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Finally, TD Cowen lifted their price objective on shares of Aurora Innovation from $4.70 to $7.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Aurora Innovation Stock Performance

The firm has a market cap of $14.06 billion, a P/E ratio of -16.30 and a beta of 2.58. The firm’s fifty day moving average price is $5.25 and its 200 day moving average price is $4.66.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Danske Bank A S purchased a new stake in Aurora Innovation during the 3rd quarter worth approximately $36,000. Garton & Associates Financial Advisors LLC purchased a new stake in Aurora Innovation during the 4th quarter worth approximately $35,000. Fifth Third Bancorp grew its position in Aurora Innovation by 101.4% during the 3rd quarter. Fifth Third Bancorp now owns 9,930 shares of the company’s stock worth $54,000 after purchasing an additional 5,000 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Aurora Innovation during the 4th quarter worth approximately $39,000. Finally, Integrated Advisors Network LLC purchased a new stake in Aurora Innovation during the 3rd quarter worth approximately $54,000. 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.