Aurora Innovation (NASDAQ:AUR) Stock Price Down 7.2% - Here's What Happened

Aurora Innovation, Inc. (NASDAQ:AUR - Get Free Report) dropped 7.2% during mid-day trading on Wednesday . The stock traded as low as $6.47 and last traded at $6.50. Approximately 2,557,979 shares changed hands during trading, a decline of 82% from the average daily volume of 14,560,109 shares. The stock had previously closed at $7.00.

Analyst Ratings Changes

AUR has been the topic of several recent research reports. Canaccord Genuity Group increased their target price on Aurora Innovation from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price objective on shares of Aurora Innovation in a research report on Thursday. The Goldman Sachs Group raised their price objective on Aurora Innovation from $2.00 to $2.50 and gave the stock a "sell" rating in a research report on Monday, November 4th. Wolfe Research started coverage on Aurora Innovation in a research report on Tuesday, November 26th. They issued a "peer perform" rating for the company. Finally, TD Cowen raised their price objective on Aurora Innovation from $3.00 to $4.00 and gave the stock a "hold" rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Aurora Innovation has a consensus rating of "Hold" and an average target price of $6.30.

Aurora Innovation Stock Performance

The company has a market cap of $17.51 billion, a PE ratio of -20.80 and a beta of 2.85. The stock has a 50 day moving average of $7.14 and a 200-day moving average of $5.87.

Aurora Innovation (NASDAQ:AUR - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported ($0.11) earnings per share (EPS) for the quarter. Equities research analysts forecast that Aurora Innovation, Inc. will post -0.47 EPS for the current year.

Insider Buying and Selling at Aurora Innovation

In related news, Director Reid Hoffman sold 537,837 shares of Aurora Innovation stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $5.48, for a total value of $2,947,346.76. Following the completion of the transaction, the director now owns 286,247 shares in the company, valued at $1,568,633.56. The trade was a 65.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gloria R. Boyland sold 30,000 shares of Aurora Innovation 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 completion of the transaction, the director now owns 344,647 shares of the company's stock, valued at approximately $2,171,276.10. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 13.83% of the company's stock.

Hedge Funds Weigh In On Aurora Innovation

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in shares of Aurora Innovation by 40.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,380,479 shares of the company's stock valued at $8,172,000 after purchasing an additional 394,933 shares in the last quarter. Citigroup Inc. increased its stake in shares of Aurora Innovation by 229.4% in the 3rd quarter. Citigroup Inc. now owns 705,181 shares of the company's stock valued at $4,175,000 after purchasing an additional 491,125 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Aurora Innovation by 26.7% in the 3rd 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 during the last quarter. Sterling Investment Advisors Ltd. acquired a new stake in Aurora Innovation in the 3rd quarter worth about $1,184,000. Finally, State Street Corp boosted its holdings in Aurora Innovation by 15.2% in the 3rd quarter. State Street Corp now owns 22,183,252 shares of the company's stock worth $131,325,000 after buying an additional 2,920,653 shares during 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.