Aeva Technologies (NASDAQ:AEVA) Trading Down 9.2% – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA) shares were down 9.2% during mid-day trading on Thursday . The stock traded as low as $26.01 and last traded at $26.60. Approximately 522,403 shares were traded during trading, a decline of 78% from the average daily volume of 2,426,982 shares. The stock had previously closed at $29.29.

Analyst Ratings Changes

Several equities analysts have issued reports on AEVA shares. Weiss Ratings raised shares of Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Aeva Technologies from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.50.

Aeva Technologies Trading Down 10.6%

The company has a debt-to-equity ratio of 7.32, a current ratio of 4.09 and a quick ratio of 3.89. The firm has a market capitalization of $1.65 billion, a PE ratio of -5.25 and a beta of 2.20. The company’s fifty day simple moving average is $16.45 and its 200-day simple moving average is $14.86.

Insider Activity

In other news, CEO Soroush Salehian Dardashti sold 41,083 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $15.04, for a total value of $617,888.32. Following the completion of the sale, the chief executive officer directly owned 1,725,329 shares in the company, valued at $25,948,948.16. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Mina Rezk sold 27,389 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $15.04, for a total transaction of $411,930.56. Following the completion of the sale, the chief technology officer owned 1,442,371 shares of the company’s stock, valued at $21,693,259.84. This trade represents a 1.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 106,194 shares of company stock worth $1,561,871 over the last three months. Insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Aeva Technologies

A number of hedge funds have recently modified their holdings of the business. Flight Deck Capital LP acquired a new position in Aeva Technologies in the 3rd quarter valued at about $7,084,000. Delta Global Management LP acquired a new position in Aeva Technologies in the 3rd quarter valued at about $18,139,000. Handelsbanken Fonder AB boosted its holdings in Aeva Technologies by 3,299.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 559,635 shares of the company’s stock valued at $8,115,000 after purchasing an additional 543,173 shares during the last quarter. Melqart Asset Management UK Ltd acquired a new position in Aeva Technologies in the 3rd quarter valued at about $5,471,000. Finally, Essex Investment Management Co. LLC acquired a new position in Aeva Technologies in the 3rd quarter valued at about $610,000. 62.92% of the stock is currently owned by institutional investors and hedge funds.

Aeva Technologies Company Profile

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.