Aeva Technologies (NASDAQ:AEVA) Shares Down 7.8% – Here’s What Happened

Aeva Technologies, Inc. (NASDAQ:AEVA) dropped 7.8% during mid-day trading on Tuesday . The stock traded as low as $21.66 and last traded at $21.89. Approximately 252,295 shares traded hands during trading, a decline of 89% from the average daily volume of 2,305,945 shares. The stock had previously closed at $23.75.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AEVA shares. Wall Street Zen lowered Aeva Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Oppenheimer reiterated an “outperform” rating and issued a $42.00 target price on shares of Aeva Technologies in a research note on Thursday, August 6th. Morgan Stanley raised their price target on Aeva Technologies from $18.50 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Canaccord Genuity Group increased their target price on Aeva Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeva Technologies in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Aeva Technologies has a consensus rating of “Hold” and an average price target of $31.67.

Aeva Technologies Trading Down 12.3%

The stock’s fifty day moving average price is $21.39 and its 200 day moving average price is $18.05. The stock has a market cap of $1.31 billion, a PE ratio of -7.63 and a beta of 2.47. The company has a quick ratio of 7.63, a current ratio of 7.85 and a debt-to-equity ratio of 3.52.

Insider Buying and Selling at Aeva Technologies

In related news, CFO Saurabh Sinha sold 6,830 shares of Aeva Technologies stock in a transaction on Monday, July 27th. The stock was sold at an average price of $15.40, for a total transaction of $105,182.00. Following the transaction, the chief financial officer directly owned 651,372 shares in the company, valued at approximately $10,031,128.80. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Mina Rezk sold 100,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.01, for a total transaction of $2,401,000.00. Following the completion of the sale, the chief technology officer directly owned 1,606,669 shares of the company’s stock, valued at approximately $38,576,122.69. This trade represents a 5.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,222,344 shares of company stock worth $29,083,486. Insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AEVA. Quantbot Technologies LP grew its position in shares of Aeva Technologies by 122.8% during the third quarter. Quantbot Technologies LP now owns 2,099 shares of the company’s stock valued at $30,000 after purchasing an additional 1,157 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Aeva Technologies during the fourth quarter worth $33,000. Jones Financial Companies Lllp grew its holdings in Aeva Technologies by 27,345.0% during the 1st quarter. Jones Financial Companies Lllp now owns 5,489 shares of the company’s stock valued at $38,000 after purchasing an additional 5,469 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Aeva Technologies in the fourth quarter worth approximately $47,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Aeva Technologies by 79.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 4,339 shares of the company’s stock worth $58,000 after purchasing an additional 1,922 shares during the last quarter. 62.92% of the stock is currently owned by institutional investors.

About Aeva Technologies

Aeva Technologies, Inc is a technology company specializing in the development and commercialization of advanced sensing and perception solutions based on frequency-modulated continuous wave (FMCW) LiDAR. Headquartered in Mountain View, California, Aeva’s core products include solid-state LiDAR sensors and perception software designed to provide high-resolution, long-range 4D data for automotive, industrial and robotic applications. The company’s FMCW approach enables simultaneous measurement of both object velocity and distance, distinguishing Aeva’s systems from traditional time-of-flight LiDAR solutions.

Founded in 2016 by Soroush Salehian and Mina Rezk, Aeva began as Aeon Imaging before adopting its current name in 2019.