Aurora Innovation (NASDAQ:AUR) Shares Gap Down – Here’s What Happened

Shares of Aurora Innovation, Inc. (NASDAQ:AUR) gapped down before the market opened on Monday . The stock had previously closed at $6.31, but opened at $6.09. Aurora Innovation shares last traded at $6.2150, with a volume of 11,332,149 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AUR shares. Northland Securities started coverage on Aurora Innovation in a report on Friday, May 29th. They set an “outperform” rating and a $11.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Aurora Innovation in a report on Monday, February 9th. Morgan Stanley restated an “overweight” rating and set a $14.00 target price on shares of Aurora Innovation in a report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Aurora Innovation in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Aurora Innovation in a report on Monday, April 20th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given 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 $12.25.

Aurora Innovation Trading Down 0.9%

The firm has a fifty day simple moving average of $5.87 and a two-hundred day simple moving average of $4.88. The firm has a market cap of $12.27 billion, a PE ratio of -14.24 and a beta of 2.62.

Aurora Innovation (NASDAQ:AUR) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. Aurora Innovation had a negative return on equity of 40.45% and a negative net margin of 20,775.00%.The business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.97 million. The business’s revenue for the quarter was down 66.7% on a year-over-year basis. Equities analysts expect that Aurora Innovation, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Aurora Innovation

In related news, Director Reid Hoffman sold 1,202,354 shares of Aurora Innovation stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $7.27, for a total transaction of $8,741,113.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold 7,048,487 shares of company stock worth $54,295,119 in the last 90 days. Insiders own 8.52% of the company’s stock.

Institutional Investors Weigh In On Aurora Innovation

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its position in shares of Aurora Innovation by 8.6% during the first quarter. NewEdge Advisors LLC now owns 76,832 shares of the company’s stock valued at $317,000 after purchasing an additional 6,067 shares in the last quarter. Western Wealth Management LLC boosted its position in shares of Aurora Innovation by 24.2% during the first quarter. Western Wealth Management LLC now owns 60,579 shares of the company’s stock valued at $250,000 after purchasing an additional 11,822 shares in the last quarter. Bank of America Corp DE boosted its position in shares of 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 in the last quarter. Janus Henderson Group PLC boosted its position in shares of Aurora Innovation by 2,068.8% during 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. Finally, Amundi boosted its position in shares of Aurora Innovation by 46.4% during the first quarter. Amundi now owns 3,661,728 shares of the company’s stock valued at $15,086,000 after purchasing an additional 1,160,872 shares in the last quarter. 44.71% of the stock is currently owned by institutional investors.

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.