Aurora Innovation (NASDAQ:AUR) Shares Down 7% – Here’s What Happened

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price dropped 7% on Wednesday . The company traded as low as $6.83 and last traded at $6.76. Approximately 3,341,713 shares traded hands during 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

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Aurora Innovation from $2.00 to $2.50 and gave the stock a “sell” rating in a research report on Monday, November 4th. Canaccord Genuity Group upped their price target on shares of Aurora Innovation from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. TD Cowen increased their price target on Aurora Innovation from $3.00 to $4.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Wolfe Research initiated coverage on Aurora Innovation in a research note on Tuesday, November 26th. They issued a “peer perform” rating on the stock. Finally, Cantor Fitzgerald assumed coverage on Aurora Innovation in a research note on Tuesday, December 10th. They set an “overweight” rating and a $10.00 target price for the company. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.30.

Aurora Innovation Trading Down 1.1 %

The stock’s 50-day moving average price is $6.79 and its 200-day moving average price is $5.49. The company has a market cap of $11.82 billion, a P/E ratio of -14.04 and a beta of 2.85.

Insiders Place Their Bets

In related news, Director Reid Hoffman sold 1,393,874 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.45, for a total value of $7,596,613.30. Following the transaction, the director now owns 672,425 shares of the company’s stock, valued at approximately $3,664,716.25. This trade represents a 67.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gloria R. Boyland sold 30,000 shares of the business’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 value of $189,000.00. Following the sale, the director now directly owns 344,647 shares of the company’s stock, valued at $2,171,276.10. This represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,776,667 shares of company stock worth $48,432,337. Corporate insiders own 13.83% of the company’s stock.

Institutional Investors Weigh In On Aurora Innovation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 worth $502,636,000 after acquiring an additional 12,466,085 shares during the last quarter. Geode Capital Management LLC increased 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 worth $134,981,000 after purchasing an additional 3,064,342 shares in the last quarter. State Street Corp lifted its stake in shares of Aurora Innovation by 15.2% during 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 in the last quarter. FMR LLC boosted its holdings 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 period. Finally, Dimensional Fund Advisors LP grew its stake in Aurora Innovation by 23.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,337,429 shares of the company’s stock valued at $36,941,000 after buying an additional 2,502,002 shares in the last quarter. Hedge funds and other institutional investors 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.