Aurora Innovation (NASDAQ:AUR) Stock Price Down 6.1% - Here's Why

Shares of Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report) were down 6.1% during mid-day trading on Friday . The company traded as low as $5.02 and last traded at $5.05. Approximately 1,377,916 shares were traded during trading, a decline of 84% from the average daily volume of 8,789,904 shares. The stock had previously closed at $5.38.

Wall Street Analysts Forecast Growth

AUR has been the topic of a number of analyst reports. TD Cowen lifted their price target on Aurora Innovation from $3.00 to $4.00 and gave the company a "hold" rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on shares of Aurora Innovation from $2.00 to $2.50 and gave the stock a "sell" rating in a research note on Monday, November 4th. Evercore ISI boosted their price objective on shares of Aurora Innovation from $3.00 to $5.00 and gave the stock an "in-line" rating in a report on Monday, October 14th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $7.00 target price on shares of Aurora Innovation in a report on Monday, September 30th.

Aurora Innovation Stock Performance

The firm's 50-day moving average is $5.53 and its 200 day moving average is $4.06. The firm has a market capitalization of $8.63 billion, a PE ratio of -10.18 and a beta of 2.82.

Insider Activity

In other news, Director Reid Hoffman sold 3,500,000 shares of Aurora Innovation stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $5.58, for a total transaction of $19,530,000.00. Following the completion of the sale, the director now directly owns 382,425 shares in the company, valued at $2,133,931.50. The trade was a 90.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 6,580,384 shares of company stock worth $36,427,039 over the last ninety days. 13.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. boosted its position in shares of Aurora Innovation by 78.4% in the second quarter. Baillie Gifford & Co. now owns 72,438,562 shares of the company's stock worth $200,655,000 after acquiring an additional 31,841,994 shares during the last quarter. FMR LLC boosted its holdings in shares of Aurora Innovation by 206.1% in the 3rd quarter. FMR LLC now owns 13,848,530 shares of the company's stock valued at $81,983,000 after purchasing an additional 9,325,013 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Aurora Innovation by 273.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,190,426 shares of the company's stock valued at $14,377,000 after buying an additional 3,800,901 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Aurora Innovation by 23.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,337,429 shares of the company's stock worth $36,941,000 after buying an additional 2,502,002 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new position in shares of Aurora Innovation in the 3rd quarter worth $12,433,000. 44.71% of the stock is currently owned by institutional investors and hedge funds.

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.

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