Aurora Innovation (NASDAQ:AUR) Shares Down 4.6% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aurora Innovation in a research report on Friday, July 17th. Wall Street Zen lowered Aurora Innovation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 price target on shares of Aurora Innovation in a research note on Thursday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of Aurora Innovation in a report on Thursday, May 7th. Finally, Northland Securities assumed coverage on Aurora Innovation in a research report on Friday, May 29th. They set an “outperform” rating and a $11.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.22.

Aurora Innovation Stock Down 5.3%

The stock has a market capitalization of $11.06 billion, a PE ratio of -11.74 and a beta of 2.64. The firm’s fifty day moving average price is $6.39 and its two-hundred day moving average price is $5.76.

Aurora Innovation (NASDAQ:AUR) last issued 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 return on equity of 43.94% and a negative net margin of 18,000.00%.The company had revenue of $2.00 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the prior year, the business posted ($0.11) EPS. The company’s revenue for the quarter was up 100.0% compared to the same quarter last year. As a group, analysts predict that Aurora Innovation, Inc. will post -0.48 EPS for the current year.

Insiders Place Their Bets

In other news, Director David M. Wehner acquired 82,500 shares of Aurora Innovation stock in a transaction that occurred on Thursday, June 11th. The stock was bought at an average price of $6.04 per share, for a total transaction of $498,300.00. Following the completion of the transaction, the director owned 246,519 shares in the company, valued at $1,488,974.76. The trade was a 50.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 2,842,682 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $7.00, for a total value of $19,898,774.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 6,390,753 shares of company stock worth $44,826,378. Company insiders own 8.52% of the company’s stock.

Institutional Investors Weigh In On Aurora Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its stake in shares of Aurora Innovation by 606.7% in the 2nd quarter. California State Teachers Retirement System now owns 9,461,447 shares of the company’s stock worth $64,527,000 after purchasing an additional 8,122,679 shares during the period. Wedmont Private Capital grew its position in Aurora Innovation by 5.1% during the second quarter. Wedmont Private Capital now owns 43,673 shares of the company’s stock valued at $279,000 after buying an additional 2,108 shares during the period. Shah Wealth Advisors LLC bought a new stake in Aurora Innovation during the second quarter valued at approximately $8,038,000. Odyssean LLC increased its holdings in Aurora Innovation by 35.9% during the second quarter. Odyssean LLC now owns 198,514 shares of the company’s stock valued at $1,354,000 after buying an additional 52,419 shares during the last quarter. Finally, Concurrent Investment Advisors LLC increased its holdings in Aurora Innovation by 16.2% during the second quarter. Concurrent Investment Advisors LLC now owns 13,212 shares of the company’s stock valued at $90,000 after buying an additional 1,839 shares during 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.