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

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $6.45, but opened at $6.24. Aurora Innovation shares last traded at $6.30, with a volume of 743,996 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AUR. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price objective on shares of Aurora Innovation in a research report on Monday, September 30th. The Goldman Sachs Group boosted their price target on Aurora Innovation from $2.00 to $2.50 and gave the company a “sell” rating in a research note on Monday, November 4th. Evercore ISI raised their price objective on shares of Aurora Innovation from $3.00 to $5.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Wolfe Research began coverage on shares of Aurora Innovation in a research note on Tuesday. They set a “peer perform” rating on the stock. Finally, TD Cowen upped their price objective on shares of Aurora Innovation from $3.00 to $4.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.63.

Aurora Innovation Stock Up 7.3 %

The business has a 50-day simple moving average of $5.80 and a 200-day simple moving average of $4.24. The stock has a market cap of $11.15 billion, a P/E ratio of -13.24 and a beta of 2.82.

Insider Buying and Selling

In other news, Director Gloria R. Boyland sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.30, for a total transaction of $189,000.00. Following the completion of the transaction, the director now directly owns 344,647 shares in the company, valued at $2,171,276.10. The trade was a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Reid Hoffman sold 3,500,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $5.58, for a total transaction of $19,530,000.00. Following the completion of the sale, the director now owns 382,425 shares in the company, valued at approximately $2,133,931.50. The trade was a 90.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 8,776,667 shares of company stock valued at $48,432,337. Company insiders own 13.83% of the company’s stock.

Institutional Trading of Aurora Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. lifted its stake in shares of Aurora Innovation by 78.4% in the second quarter. Baillie Gifford & Co. now owns 72,438,562 shares of the company’s stock valued at $200,655,000 after buying an additional 31,841,994 shares during the period. FMR LLC lifted its position in shares of Aurora Innovation by 206.1% in 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 during the period. Bank of New York Mellon Corp increased its position in shares of Aurora Innovation by 273.5% during the second quarter. Bank of New York Mellon Corp now owns 5,190,426 shares of the company’s stock valued at $14,377,000 after purchasing an additional 3,800,901 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 3,064,342 shares in the last quarter. Finally, State Street Corp lifted its position in Aurora Innovation by 15.2% in the third quarter. State Street Corp now owns 22,183,252 shares of the company’s stock worth $131,325,000 after purchasing an additional 2,920,653 shares during the period. 44.71% of the stock is currently owned by institutional investors and hedge funds.

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.