Aurora Innovation (NASDAQ:AUR) Shares Down 12.3% – Here’s Why

Aurora Innovation, Inc. (NASDAQ:AUR)’s stock price dropped 12.3% during trading on Monday . The stock traded as low as $6.23 and last traded at $6.23. Approximately 8,191,315 shares traded hands during trading, a decline of 49% from the average daily volume of 15,962,853 shares. The stock had previously closed at $7.10.

Analysts Set New Price Targets

Several brokerages have issued reports on AUR. TD Cowen started coverage on shares of Aurora Innovation in a research report on Friday. They issued a “hold” rating and a $8.00 price objective for the company. Morgan Stanley assumed coverage on shares of Aurora Innovation in a report on Monday, March 3rd. They set an “overweight” rating and a $12.00 price target for the company. Wolfe Research initiated coverage on shares of Aurora Innovation in a report on Tuesday, November 26th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Aurora Innovation in a research note on Thursday, February 13th. Finally, Canaccord Genuity Group lifted their target price on Aurora Innovation from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Aurora Innovation presently has an average rating of “Hold” and a consensus price target of $8.08.

Aurora Innovation Stock Performance

The firm has a 50 day simple moving average of $7.24 and a two-hundred day simple moving average of $6.32. The stock has a market cap of $11.07 billion, a P/E ratio of -13.53 and a beta of 2.82.

Aurora Innovation (NASDAQ:AUR) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.11) EPS for the quarter. As a group, equities research analysts predict that Aurora Innovation, Inc. will post -0.49 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Uber Technologies Inc bought a new stake in Aurora Innovation during the fourth quarter worth approximately $2,053,632,000. Toyota Motor Corp purchased a new stake in shares of Aurora Innovation during the fourth quarter valued at $298,294,000. Baillie Gifford & Co. boosted its position in shares of 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 period. Lightspeed Management Company L.L.C. purchased a new position in Aurora Innovation in the 4th quarter worth about $74,003,000. Finally, FMR LLC raised its holdings 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 buying an additional 9,325,013 shares during the period. 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.