Aeva Technologies (NASDAQ:AEVA) Trading Down 9.2% – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA)’s stock price traded down 9.2% on Thursday . The company traded as low as $26.01 and last traded at $26.60. 522,403 shares were traded during mid-day trading, a decline of 78% from the average session volume of 2,426,982 shares. The stock had previously closed at $29.29.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Wall Street Zen lowered shares of Aeva Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Aeva Technologies presently has an average rating of “Hold” and a consensus price target of $26.50.

Aeva Technologies Price Performance

The stock’s fifty day moving average is $16.45 and its 200-day moving average is $14.86. The stock has a market capitalization of $1.65 billion, a PE ratio of -5.25 and a beta of 2.20. The company has a debt-to-equity ratio of 7.32, a current ratio of 4.09 and a quick ratio of 3.89.

Insider Buying and Selling

In related news, CFO Saurabh Sinha sold 5,643 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $15.04, for a total transaction of $84,870.72. Following the sale, the chief financial officer directly owned 590,034 shares of the company’s stock, valued at approximately $8,874,111.36. This represents a 0.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Soroush Salehian Dardashti sold 41,083 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $15.04, for a total transaction of $617,888.32. Following the sale, the chief executive officer directly owned 1,725,329 shares in the company, valued at $25,948,948.16. This trade represents a 2.33% 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. Over the last three months, insiders have sold 106,194 shares of company stock valued at $1,561,871. Corporate insiders own 36.70% of the company’s stock.

Institutional Trading of Aeva Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in Aeva Technologies by 27.7% during the first quarter. Bank of America Corp DE now owns 110,005 shares of the company’s stock worth $1,448,000 after buying an additional 23,856 shares in the last quarter. Royal Bank of Canada boosted its holdings in Aeva Technologies by 51.7% during the first quarter. Royal Bank of Canada now owns 28,504 shares of the company’s stock worth $375,000 after buying an additional 9,720 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Aeva Technologies by 15.4% during the first quarter. Quantinno Capital Management LP now owns 24,141 shares of the company’s stock valued at $318,000 after purchasing an additional 3,218 shares in the last quarter. Sona Asset Management US LLC purchased a new position in Aeva Technologies during the first quarter valued at $987,000. Finally, Siren L.L.C. purchased a new position in Aeva Technologies during the first quarter valued at $1,448,000. 62.92% of the stock is owned by hedge funds and other institutional investors.

About Aeva Technologies

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.