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

Aeva Technologies, Inc. (NASDAQ:AEVA)’s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $14.27, but opened at $14.80. Aeva Technologies shares last traded at $14.63, with a volume of 258,255 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group initiated coverage on Aeva Technologies in a report on Monday, August 24th. They set a “neutral” rating and a $20.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and issued a $42.00 target price on shares of Aeva Technologies in a research report on Thursday, August 6th. Morgan Stanley upped their target price on Aeva Technologies from $18.50 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Wall Street Zen lowered shares of Aeva Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, September 4th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $28.75.

Aeva Technologies Trading Down 2.7%

The company has a current ratio of 7.85, a quick ratio of 7.63 and a debt-to-equity ratio of 3.52. The stock has a market cap of $875.00 million, a PE ratio of -5.08 and a beta of 2.44. The firm has a fifty day simple moving average of $17.48 and a two-hundred day simple moving average of $18.57.

Insider Buying and Selling

In related news, CFO Saurabh Sinha sold 70,000 shares of Aeva Technologies stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $21.21, for a total value of $1,484,700.00. Following the transaction, the chief financial officer directly owned 581,372 shares of the company’s stock, valued at $12,330,900.12. The trade was a 10.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Mina Rezk sold 100,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief technology officer owned 1,606,669 shares of the company’s stock, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 698,157 shares of company stock worth $15,633,922 in the last ninety days. 36.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Aeva Technologies in the 4th quarter worth $47,000. Rockefeller Capital Management L.P. lifted its holdings in Aeva Technologies by 19.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 7,159 shares of the company’s stock valued at $95,000 after purchasing an additional 1,159 shares in the last quarter. Next Capital Management LLC bought a new position in Aeva Technologies in the 2nd quarter worth $211,000. KPP Advisory Services LLC bought a new position in shares of Aeva Technologies in the first quarter worth about $160,000. Finally, AXQ Capital LP purchased a new stake in Aeva Technologies during the 4th quarter valued at approximately $248,000. 62.92% of the stock is owned by hedge funds and other institutional investors.

About Aeva Technologies

Aeva Technologies, Inc develops sensing and perception technology for autonomous systems. The company’s core products are frequency-modulated continuous-wave (FMCW) 4D lidar systems, which are designed to measure the distance, velocity and position of objects while generating detailed three-dimensional views of the surrounding environment.

Aeva’s technology is intended for use in advanced driver-assistance systems, autonomous vehicles, industrial automation, robotics, mapping and other machine-perception applications.