Aeva Technologies (NASDAQ:AEVA) Shares Up 6.5% – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA)’s share price shot up 6.5% during trading on Wednesday . The company traded as high as $24.07 and last traded at $23.60. 434,293 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,449,133 shares. The stock had previously closed at $22.17.

Analyst Ratings Changes

A number of brokerages recently commented on AEVA. Weiss Ratings raised Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Wall Street Zen cut Aeva Technologies from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Aeva Technologies presently has a consensus rating of “Hold” and a consensus target price of $26.50.

Aeva Technologies Price Performance

The company has a quick ratio of 3.89, a current ratio of 4.09 and a debt-to-equity ratio of 7.32. The firm has a market cap of $1.48 billion, a PE ratio of -4.71 and a beta of 2.41. The firm’s fifty day simple moving average is $18.77 and its two-hundred day simple moving average is $15.96.

Insiders Place Their Bets

In other Aeva Technologies news, CTO Mina Rezk sold 27,389 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $15.04, for a total transaction of $411,930.56. Following the sale, the chief technology officer directly owned 1,442,371 shares of the company’s stock, valued at $21,693,259.84. This trade represents a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Saurabh Sinha sold 5,643 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $15.04, for a total value of $84,870.72. Following the sale, the chief financial officer directly owned 590,034 shares in the company, valued at approximately $8,874,111.36. This represents a 0.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 74,115 shares of company stock worth $1,114,690. Corporate insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Aeva Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of AEVA. Duquesne Family Office LLC bought a new stake in Aeva Technologies during the third quarter valued at about $26,670,000. Millennium Management LLC bought a new stake in Aeva Technologies during the third quarter valued at about $25,751,000. Delta Global Management LP bought a new stake in Aeva Technologies during the third quarter valued at about $18,139,000. Handelsbanken Fonder AB raised its holdings in Aeva Technologies by 158.3% during the fourth quarter. Handelsbanken Fonder AB now owns 1,445,409 shares of the company’s stock valued at $19,202,000 after acquiring an additional 885,774 shares during the period. Finally, Invesco Ltd. raised its holdings in Aeva Technologies by 1,223.8% during the second quarter. Invesco Ltd. now owns 614,411 shares of the company’s stock valued at $23,219,000 after acquiring an additional 567,998 shares during the period. 62.92% of the stock is owned by institutional investors.

Aeva Technologies Company Profile

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva’s core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company’s FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva’s systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.