Aurora Innovation (NASDAQ:AUR) Stock Price Down 7.2% – Here’s Why

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price was down 7.2% on Wednesday . The stock traded as low as $6.47 and last traded at $6.50. Approximately 2,557,979 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 14,560,109 shares. The stock had previously closed at $7.00.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AUR. Canaccord Genuity Group boosted their price target on shares of Aurora Innovation from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Wolfe Research initiated coverage on Aurora Innovation in a research note on Tuesday, November 26th. They set a “peer perform” rating for the company. TD Cowen upped their price objective on Aurora Innovation from $3.00 to $4.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Cantor Fitzgerald began coverage on Aurora Innovation in a report on Tuesday, December 10th. They issued an “overweight” rating and a $10.00 target price for the company. Finally, The Goldman Sachs Group increased their price target on shares of Aurora Innovation from $2.00 to $2.50 and gave the company a “sell” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $6.30.

Aurora Innovation Stock Down 4.9 %

The company has a market cap of $11.44 billion, a price-to-earnings ratio of -13.66 and a beta of 2.85. The company has a fifty day simple moving average of $7.01 and a two-hundred day simple moving average of $5.78.

Insider Buying and Selling at Aurora Innovation

In related news, Director Reid Hoffman sold 537,837 shares of Aurora Innovation stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $5.48, for a total transaction of $2,947,346.76. Following the completion of the sale, the director now owns 286,247 shares in the company, valued at approximately $1,568,633.56. This trade represents a 65.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gloria R. Boyland sold 30,000 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were 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 owns 344,647 shares in the company, valued at approximately $2,171,276.10. This trade represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,014,883 shares of company stock worth $5,389,459. 13.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aurora Innovation

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Aurora Innovation by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 113,020,406 shares of the company’s stock worth $712,029,000 after acquiring an additional 2,687,191 shares during the period. Baillie Gifford & Co. grew its position in shares of Aurora Innovation by 17.2% in the third 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 period. Geode Capital Management LLC lifted its position in Aurora Innovation by 15.5% during the third quarter. Geode Capital Management LLC now owns 22,796,526 shares of the company’s stock worth $134,981,000 after buying an additional 3,064,342 shares during the period. State Street Corp boosted its stake in Aurora Innovation by 15.2% in the 3rd quarter. State Street Corp now owns 22,183,252 shares of the company’s stock worth $131,325,000 after buying an additional 2,920,653 shares during the last quarter. Finally, FMR LLC boosted its stake in 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 buying an additional 9,325,013 shares during the last quarter. Institutional investors and hedge funds own 44.71% of the company’s stock.

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.