Aurora Innovation (NASDAQ:AUR) Stock Price Down 6.8% – Time to Sell?

Aurora Innovation, Inc. (NASDAQ:AUR)’s share price was down 6.8% during trading on Monday . The stock traded as low as $5.86 and last traded at $5.8160. Approximately 14,899,531 shares changed hands during trading, a decline of 38% from the average session volume of 24,000,678 shares. The stock had previously closed at $6.24.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Morgan Stanley reiterated an “overweight” rating and set a $14.00 price objective on shares of Aurora Innovation in a report on Thursday, May 7th. 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 report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of Aurora Innovation in a research note on Thursday, May 7th. Northland Securities began coverage on Aurora Innovation in a report on Friday, May 29th. They set an “outperform” rating and a $11.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Aurora Innovation in a report on Friday, July 17th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.22.

Aurora Innovation Stock Down 8.7%

The company’s 50-day simple moving average is $6.43 and its 200 day simple moving average is $5.70. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of -12.12 and a beta of 2.64.

Aurora Innovation (NASDAQ:AUR) last released its quarterly 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). The company had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.66 million. Aurora Innovation had a negative return on equity of 43.94% and a negative net margin of 18,000.00%.The business’s revenue was up 100.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.11) EPS. On average, equities analysts expect that Aurora Innovation, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Michelangelo Volpi sold 2,842,682 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $7.00, for a total value of $19,898,774.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Reid Hoffman sold 1,202,354 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $7.27, for a total transaction of $8,741,113.58. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,593,107 shares of company stock valued at $53,567,492 over the last 90 days. 8.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Aurora Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ascent Wealth Partners LLC boosted its holdings in Aurora Innovation by 9.6% during the first quarter. Ascent Wealth Partners LLC now owns 15,820 shares of the company’s stock valued at $65,000 after purchasing an additional 1,389 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Aurora Innovation by 16.2% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 13,212 shares of the company’s stock worth $90,000 after buying an additional 1,839 shares during the period. Gabelli Funds LLC boosted its stake in Aurora Innovation by 15.4% in the 1st quarter. Gabelli Funds LLC now owns 15,000 shares of the company’s stock valued at $62,000 after buying an additional 2,000 shares in the last quarter. Wedmont Private Capital boosted its stake in Aurora Innovation by 5.1% in the 2nd 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 in the last quarter. Finally, Abel Hall LLC grew its position in Aurora Innovation by 21.0% in the fourth quarter. Abel Hall LLC now owns 13,596 shares of the company’s stock valued at $52,000 after acquiring an additional 2,356 shares during the period. 44.71% of the stock is 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.