Aurora Innovation (NASDAQ:AUR) Trading Down 4.6% – Here’s What Happened

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

Analysts Set New Price Targets

Several equities analysts have issued reports on AUR shares. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 price objective on shares of Aurora Innovation in a report on Thursday, May 7th. Northland Securities assumed coverage on shares of Aurora Innovation in a research note on Friday, May 29th. They set an “outperform” rating and a $11.00 target price for the company. TD Cowen upped their price target on shares of Aurora Innovation from $4.70 to $7.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Aurora Innovation in a report on Friday, July 17th. Seven 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 stock. According to data from MarketBeat, Aurora Innovation has an average rating of “Hold” and an average price target of $12.22.

Aurora Innovation Stock Down 3.0%

The company has a 50-day moving average of $6.35 and a 200 day moving average of $5.77. The stock has a market capitalization of $10.94 billion, a PE ratio of -11.62 and a beta of 2.63.

Aurora Innovation (NASDAQ:AUR) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.00 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the business posted ($0.11) EPS. The company’s revenue for the quarter was up 100.0% on a year-over-year basis. As a group, equities analysts predict that Aurora Innovation, Inc. will post -0.48 EPS for the current fiscal year.

Insider Activity

In related news, Director Michelangelo Volpi sold 2,842,682 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David M. Wehner acquired 82,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $6.04 per share, with a total value of $498,300.00. Following the purchase, the director owned 246,519 shares in the company, valued at $1,488,974.76. This represents a 50.30% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders sold 6,390,753 shares of company stock worth $44,826,378. Insiders own 8.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its position 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 valued at $1,055,269,000 after purchasing an additional 16,933,373 shares in the last quarter. Bank of America Corp DE lifted its position 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 worth $123,749,000 after buying an additional 16,975,927 shares in the last quarter. Geode Capital Management LLC boosted its stake in Aurora Innovation by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 21,488,433 shares of the company’s stock worth $82,535,000 after buying an additional 1,498,515 shares during the last quarter. State Street Corp boosted its stake in Aurora Innovation by 8.1% during the fourth quarter. State Street Corp now owns 20,544,319 shares of the company’s stock worth $78,890,000 after buying an additional 1,533,171 shares during the last quarter. Finally, Durable Capital Partners LP boosted its stake in Aurora Innovation by 36.7% during the second quarter. Durable Capital Partners LP now owns 20,404,238 shares of the company’s stock worth $106,918,000 after buying an additional 5,481,969 shares during the last quarter. 44.71% of the stock is currently owned by institutional investors and hedge funds.

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.