Aurora Innovation (NASDAQ:AUR) Shares Gap Up - Still a Buy?

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $6.27, but opened at $6.61. Aurora Innovation shares last traded at $6.63, with a volume of 1,740,240 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wolfe Research assumed coverage on Aurora Innovation in a report on Tuesday, November 26th. They set a "peer perform" rating on the stock. Evercore ISI raised their price target on Aurora Innovation from $3.00 to $5.00 and gave the stock an "in-line" rating in a research note on Monday, October 14th. The Goldman Sachs Group upped their target price on Aurora Innovation from $2.00 to $2.50 and gave the stock a "sell" rating in a research report on Monday, November 4th. Cantor Fitzgerald started coverage on shares of Aurora Innovation in a research report on Tuesday, December 10th. They set an "overweight" rating and a $10.00 target price on the stock. Finally, TD Cowen raised their price objective on shares of Aurora Innovation from $3.00 to $4.00 and gave the stock a "hold" rating in a report on Thursday, October 31st. 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's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $6.30.

Aurora Innovation Trading Down 1.2 %

The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of -13.47 and a beta of 2.85. The firm's 50-day moving average is $6.65 and its 200 day moving average is $5.35.

Insider Activity

In other Aurora Innovation news, Director Gloria R. Boyland sold 30,000 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.30, for a total value of $189,000.00. Following the transaction, the director now directly owns 344,647 shares in the company, valued at $2,171,276.10. The trade was a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reid Hoffman sold 3,500,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $5.58, for a total transaction of $19,530,000.00. Following the sale, the director now owns 382,425 shares of the company's stock, valued at approximately $2,133,931.50. The trade was a 90.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,776,667 shares of company stock worth $48,432,337 in the last quarter. 13.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Aurora Innovation

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. lifted its stake in Aurora Innovation by 229.4% in the third quarter. Citigroup Inc. now owns 705,181 shares of the company's stock worth $4,175,000 after purchasing an additional 491,125 shares during the last quarter. JPMorgan Chase & Co. increased its position in Aurora Innovation by 40.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,380,479 shares of the company's stock valued at $8,172,000 after buying an additional 394,933 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Aurora Innovation by 26.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,424,827 shares of the company's stock worth $49,875,000 after buying an additional 1,776,513 shares in the last quarter. Sterling Investment Advisors Ltd. purchased a new stake in shares of Aurora Innovation during the third quarter valued at $1,184,000. Finally, State Street Corp raised its stake in 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 during the last quarter. 44.71% of the stock is currently owned by institutional investors.

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.