Aeva Technologies (NASDAQ:AEVA) Stock Price Up 8.8% – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA) shares shot up 8.8% during mid-day trading on Friday . The stock traded as high as $24.43 and last traded at $24.40. Approximately 822,228 shares were traded during trading, a decline of 65% from the average session volume of 2,323,077 shares. The stock had previously closed at $22.42.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AEVA. Morgan Stanley boosted their price target on shares of Aeva Technologies from $18.50 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Canaccord Genuity Group raised their price objective on Aeva Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Aeva Technologies in a research report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeva Technologies in a research report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Aeva Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.67.

Aeva Technologies Trading Up 3.8%

The company’s 50 day simple moving average is $21.38 and its 200 day simple moving average is $17.96. The company has a debt-to-equity ratio of 3.52, a current ratio of 7.85 and a quick ratio of 7.63. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -8.53 and a beta of 2.47.

Insiders Place Their Bets

In other Aeva Technologies news, CFO Saurabh Sinha sold 6,830 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $15.40, for a total value of $105,182.00. Following the sale, the chief financial officer owned 651,372 shares of the company’s stock, valued at $10,031,128.80. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Mina Rezk sold 100,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.01, for a total value of $2,401,000.00. Following the transaction, the chief technology officer directly owned 1,606,669 shares of the company’s stock, valued at approximately $38,576,122.69. This represents a 5.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,222,344 shares of company stock worth $29,083,486 in the last quarter. 36.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Aeva Technologies

A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP lifted its position in shares of Aeva Technologies by 122.8% during the 3rd quarter. Quantbot Technologies LP now owns 2,099 shares of the company’s stock worth $30,000 after purchasing an additional 1,157 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Aeva Technologies in the fourth quarter valued at $33,000. Jones Financial Companies Lllp raised its stake in Aeva Technologies by 27,345.0% in the first quarter. Jones Financial Companies Lllp now owns 5,489 shares of the company’s stock valued at $38,000 after buying an additional 5,469 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Aeva Technologies in the fourth quarter valued at $47,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Aeva Technologies by 79.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,339 shares of the company’s stock worth $58,000 after buying an additional 1,922 shares during the last quarter. 62.92% of the stock is owned by hedge funds and other 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.