Aurora Innovation (NASDAQ:AUR) Shares Down 3.7% - Here's Why

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s stock price traded down 3.7% on Tuesday . The stock traded as low as $7.33 and last traded at $7.36. 757,918 shares were traded during mid-day trading, a decline of 93% from the average session volume of 11,045,260 shares. The stock had previously closed at $7.64.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley started coverage on shares of Aurora Innovation in a research note on Monday, March 3rd. They set an "overweight" rating and a $12.00 price objective on the stock. Canaccord Genuity Group boosted their target price on Aurora Innovation from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 price objective on shares of Aurora Innovation in a research report on Thursday, February 13th. Evercore ISI increased their price objective on shares of Aurora Innovation from $5.00 to $6.00 and gave the company an "in-line" rating in a research report on Tuesday, February 18th. Finally, TD Cowen initiated coverage on shares of Aurora Innovation in a report on Friday, March 7th. They set a "hold" rating and a $8.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $9.07.

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Aurora Innovation Trading Down 10.5 %

The firm has a market cap of $11.63 billion, a price-to-earnings ratio of -14.21 and a beta of 2.82. The firm's 50 day simple moving average is $7.28 and its two-hundred day simple moving average is $6.58.

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

Institutional Trading of Aurora Innovation

Large investors have recently modified their holdings of the stock. Uber Technologies Inc bought a new position in Aurora Innovation in the fourth quarter valued at approximately $2,053,632,000. Toyota Motor Corp bought a new position in shares of Aurora Innovation in the 4th quarter valued at $298,294,000. Lightspeed Management Company L.L.C. acquired a new stake in shares of Aurora Innovation during the 4th quarter valued at $74,003,000. FMR LLC boosted its holdings in shares of Aurora Innovation by 206.1% during the 3rd quarter. FMR LLC now owns 13,848,530 shares of the company's stock valued at $81,983,000 after acquiring an additional 9,325,013 shares in the last quarter. Finally, Norges Bank acquired a new position in Aurora Innovation in the 4th quarter worth about $45,772,000. 44.71% of the stock is owned by institutional investors and hedge funds.

Aurora Innovation Company Profile

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.