Aurora Innovation (NASDAQ:AUR) Trading Down 7% – Here’s Why

Aurora Innovation, Inc. (NASDAQ:AUR) dropped 7% on Wednesday . The company traded as low as $6.83 and last traded at $6.76. Approximately 3,341,713 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 18,775,697 shares. The stock had previously closed at $7.26.

Analysts Set New Price Targets

AUR has been the topic of several research analyst reports. Wolfe Research initiated coverage on Aurora Innovation in a report on Tuesday, November 26th. They issued a “peer perform” rating on the stock. Canaccord Genuity Group increased their price objective on shares of Aurora Innovation from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Evercore ISI boosted their target price on shares of Aurora Innovation from $3.00 to $5.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. The Goldman Sachs Group raised their price target on shares of Aurora Innovation from $2.00 to $2.50 and gave the company a “sell” rating in a research note on Monday, November 4th. Finally, TD Cowen boosted their price objective on Aurora Innovation from $3.00 to $4.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Aurora Innovation has an average rating of “Hold” and a consensus price target of $6.30.

Aurora Innovation Trading Down 6.0 %

The firm has a market capitalization of $11.73 billion, a price-to-earnings ratio of -13.85 and a beta of 2.85. The company has a fifty day moving average price of $6.72 and a two-hundred day moving average price of $5.45.

Insider Buying and Selling at Aurora Innovation

In related news, Director Reid Hoffman sold 1,393,874 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $5.45, for a total value of $7,596,613.30. Following the completion of the transaction, the director now directly owns 672,425 shares in the company, valued at approximately $3,664,716.25. This represents a 67.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gloria R. Boyland sold 30,000 shares of Aurora Innovation stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.30, for a total value of $189,000.00. Following the completion of the sale, the director now owns 344,647 shares in the company, valued at $2,171,276.10. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,776,667 shares of company stock worth $48,432,337 in the last three months. 13.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Aurora Innovation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its holdings in Aurora Innovation by 17.2% in the 3rd quarter. Baillie Gifford & Co. now owns 84,904,647 shares of the company’s stock valued at $502,636,000 after purchasing an additional 12,466,085 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Aurora Innovation by 15.5% in the third quarter. Geode Capital Management LLC now owns 22,796,526 shares of the company’s stock valued at $134,981,000 after buying an additional 3,064,342 shares in the last quarter. State Street Corp raised its holdings in shares of Aurora Innovation by 15.2% in the 3rd quarter. State Street Corp now owns 22,183,252 shares of the company’s stock valued at $131,325,000 after buying an additional 2,920,653 shares during the period. FMR LLC lifted its stake in Aurora Innovation by 206.1% during the 3rd quarter. FMR LLC now owns 13,848,530 shares of the company’s stock worth $81,983,000 after acquiring an additional 9,325,013 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Aurora Innovation by 23.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,337,429 shares of the company’s stock valued at $36,941,000 after acquiring an additional 2,502,002 shares during the period. 44.71% of the stock is owned by hedge funds and other institutional investors.

About Aurora Innovation

Aurora Innovation, Inc operates as a self-driving technology company in the United States. It focuses on developing Aurora Driver, a platform that brings a suite of self-driving hardware, software, and data services together to adapt and interoperate vehicles. The company was founded in 2017 and is headquartered in Pittsburgh, Pennsylvania.