Aeva Technologies (NASDAQ:AEVA) Stock Price Down 6.4% – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA)’s stock price dropped 6.4% on Monday. The stock traded as low as $12.71 and last traded at $12.78. Approximately 409,041 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 2,143,911 shares. The stock had previously closed at $13.66.

Analyst Upgrades and Downgrades

AEVA has been the topic of a number of research analyst reports. Oppenheimer reissued an “outperform” rating and set a $42.00 price objective on shares of Aeva Technologies in a research report on Thursday, August 6th. The Goldman Sachs Group initiated coverage on shares of Aeva Technologies in a research report on Monday, August 24th. They issued a “neutral” rating and a $20.00 target price for the company. Wall Street Zen lowered shares of Aeva Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Morgan Stanley boosted their price target on shares of Aeva Technologies from $18.50 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 4th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.75.

Aeva Technologies Stock Performance

The company has a quick ratio of 7.63, a current ratio of 7.85 and a debt-to-equity ratio of 3.52. The firm has a market cap of $786.12 million, a P/E ratio of -4.57 and a beta of 2.41. The business has a fifty day simple moving average of $17.16 and a 200-day simple moving average of $18.50.

Insider Transactions at Aeva Technologies

In related news, CEO Soroush Dardashti sold 30,514 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $24.32, for a total value of $742,100.48. Following the completion of the transaction, the chief executive officer directly owned 1,220,808 shares in the company, valued at $29,690,050.56. This trade represents a 2.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Mina Rezk sold 100,000 shares of Aeva Technologies stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.01, for a total transaction of $2,401,000.00. Following the transaction, the chief technology officer directly owned 1,606,669 shares of the company’s stock, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 536,683 shares of company stock valued at $12,154,457 in the last three months. 36.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Aeva Technologies

Several hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new stake in Aeva Technologies in the second quarter worth about $910,000. Bank of New York Mellon Corp bought a new position in shares of Aeva Technologies during the second quarter valued at approximately $2,382,000. Next Capital Management LLC bought a new position in shares of Aeva Technologies during the second quarter valued at approximately $211,000. Bank of America Corp DE increased its stake in shares of Aeva Technologies by 27.7% during the first quarter. Bank of America Corp DE now owns 110,005 shares of the company’s stock valued at $1,448,000 after purchasing an additional 23,856 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Aeva Technologies by 51.7% during the first quarter. Royal Bank of Canada now owns 28,504 shares of the company’s stock valued at $375,000 after purchasing an additional 9,720 shares in the last quarter. Institutional investors own 62.92% of the company’s stock.

Aeva Technologies Company Profile

Aeva Technologies, Inc develops perception and sensing systems based on frequency-modulated continuous-wave (FMCW) technology. Its core products are 4D LiDAR sensors and related software designed to measure an object’s location, velocity and other characteristics in real time. The company’s technology is intended to support advanced driver-assistance systems, autonomous vehicles and other applications that require high-resolution environmental perception.

Aeva offers automotive and industrial sensing solutions, including its Aeries line of automotive-grade 4D LiDAR sensors and Atlas systems for automated driving and mapping applications.