Aurora Innovation (NASDAQ:AUR) Stock Price Down 4.2% – Here’s Why

Aurora Innovation, Inc. (NASDAQ:AUR)’s share price was down 4.2% during mid-day trading on Monday . The company traded as low as $6.09 and last traded at $6.0450. 5,693,459 shares were traded during trading, a decline of 77% from the average session volume of 24,634,869 shares. The stock had previously closed at $6.31.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Evercore restated an “outperform” rating on shares of Aurora Innovation in a research report on Tuesday, September 15th. Craig Hallum began coverage on shares of Aurora Innovation in a report on Friday, June 5th. They set a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Aurora Innovation in a research note on Monday. Northland Securities initiated coverage on Aurora Innovation in a research report on Friday, May 29th. They set an “outperform” rating and a $11.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aurora Innovation in a report on Friday, July 17th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.67.

Aurora Innovation Stock Performance

The stock has a market cap of $12.95 billion, a price-to-earnings ratio of -13.74 and a beta of 2.63. The firm’s 50-day simple moving average is $6.33 and its two-hundred day simple moving average is $5.96.

Aurora Innovation (NASDAQ:AUR) last announced its earnings results on Wednesday, July 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Aurora Innovation’s revenue for the quarter was up 100.0% on a year-over-year basis. Equities research analysts expect that Aurora Innovation, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Aurora Innovation

In other Aurora Innovation news, Director Michelangelo Volpi sold 2,842,682 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $7.00, for a total transaction of $19,898,774.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 6,390,753 shares of company stock worth $44,826,378. 8.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AUR. Bank of America Corp DE grew its holdings in Aurora Innovation by 130.0% during the first quarter. Bank of America Corp DE now owns 30,036,169 shares of the company’s stock valued at $123,749,000 after purchasing an additional 16,975,927 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in Aurora Innovation by 6.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 274,809,541 shares of the company’s stock worth $1,055,269,000 after purchasing an additional 16,933,373 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Aurora Innovation by 2,068.8% in the first quarter. Janus Henderson Group PLC now owns 11,243,080 shares of the company’s stock valued at $46,319,000 after purchasing an additional 10,724,682 shares in the last quarter. SC US Ttgp LTD. bought a new stake in shares of Aurora Innovation in the fourth quarter worth $33,830,000. Finally, Norges Bank acquired a new position in Aurora Innovation during the fourth quarter worth $32,055,000. 44.71% of the stock is currently owned by institutional investors and hedge funds.

About Aurora Innovation

Aurora Innovation, Inc develops autonomous vehicle technology designed to transport people and goods without human drivers. Its core product, the Aurora Driver, combines artificial intelligence, sensors, mapping, and other software and hardware systems to enable automated driving across trucking, ride-hailing, and logistics applications.

The company is initially focused on autonomous trucking, where its technology is intended to support long-haul freight operations and improve safety, efficiency, and vehicle utilization.