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

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.31, but opened at $6.09. Aurora Innovation shares last traded at $6.2150, with a volume of 11,332,149 shares trading hands.

Analyst Upgrades and Downgrades

AUR has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Aurora Innovation in a research note on Monday, February 9th. Northland Securities began coverage on Aurora Innovation in a research note on Friday, May 29th. They issued an “outperform” rating and a $11.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $13.00 target price on shares of Aurora Innovation in a research note on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Aurora Innovation in a research note on Monday, April 20th. Finally, TD Cowen upped their target price on Aurora Innovation from $4.70 to $7.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.25.

Aurora Innovation Stock Performance

The firm has a market capitalization of $12.27 billion, a P/E ratio of -14.24 and a beta of 2.62. The business has a 50 day simple moving average of $5.87 and a two-hundred day simple moving average of $4.88.

Aurora Innovation (NASDAQ:AUR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.97 million. Aurora Innovation had a negative return on equity of 40.45% and a negative net margin of 20,775.00%.Aurora Innovation’s revenue for the quarter was down 66.7% compared to the same quarter last year. On average, equities analysts anticipate that Aurora Innovation, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Activity at Aurora Innovation

In other news, Director Reid Hoffman sold 5,498,487 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $7.81, for a total transaction of $42,943,183.47. Following the transaction, the director directly owned 77,500 shares in the company, valued at approximately $605,275. This represents a 98.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 7,048,487 shares of company stock worth $54,295,119. 8.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Aurora Innovation

Several institutional investors have recently modified their holdings of AUR. Garton & Associates Financial Advisors LLC bought a new position in shares of Aurora Innovation during the 4th quarter valued at about $35,000. Danske Bank A S purchased a new stake in Aurora Innovation during the 3rd quarter valued at about $36,000. Eurizon Capital SGR S.p.A. purchased a new stake in Aurora Innovation during the 4th quarter valued at about $39,000. Stonebridge Financial Group LLC MO purchased a new stake in Aurora Innovation during the 4th quarter valued at about $40,000. Finally, Equitable Holdings Inc. purchased a new stake in Aurora Innovation during the 4th quarter valued at about $41,000. 44.71% of the stock is currently owned by institutional investors.

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.