Aeva Technologies (NASDAQ:AEVA) Shares Gap Up – Here’s Why

Aeva Technologies, Inc. (NASDAQ:AEVA) gapped up before the market opened on Thursday . The stock had previously closed at $20.69, but opened at $22.20. Aeva Technologies shares last traded at $20.29, with a volume of 1,216,823 shares changing hands.

Analyst Ratings Changes

AEVA has been the subject of several analyst reports. Wall Street Zen downgraded Aeva Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Canaccord Genuity Group restated a “buy” rating and set a $24.00 price objective on shares of Aeva Technologies in a research note on Thursday, December 4th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Aeva Technologies in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.50.

Aeva Technologies Stock Down 2.5%

The firm has a 50 day moving average of $13.52 and a 200 day moving average of $16.81. The firm has a market cap of $1.21 billion, a PE ratio of -3.79 and a beta of 2.08.

Aeva Technologies (NASDAQ:AEVA) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.46) EPS for the quarter. Aeva Technologies had a negative net margin of 1,031.15% and a negative return on equity of 603.21%. The business had revenue of $3.58 million for the quarter. On average, research analysts anticipate that Aeva Technologies, Inc. will post -2.7 EPS for the current year.

Insider Buying and Selling

In other Aeva Technologies news, CFO Saurabh Sinha sold 48,086 shares of Aeva Technologies stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $9.97, for a total transaction of $479,417.42. Following the completion of the sale, the chief financial officer directly owned 720,512 shares in the company, valued at $7,183,504.64. The trade was a 6.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Soroush Salehian Dardashti sold 488,160 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $12.96, for a total value of $6,326,553.60. Following the completion of the transaction, the chief executive officer owned 1,831,199 shares of the company’s stock, valued at $23,732,339.04. The trade was a 21.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,591,923 shares of company stock worth $21,665,827 over the last ninety days. 27.20% of the stock is owned by corporate insiders.

Institutional Trading of Aeva Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Duquesne Family Office LLC purchased a new position in shares of Aeva Technologies during the third quarter worth approximately $26,670,000. Millennium Management LLC purchased a new position in Aeva Technologies in the 3rd quarter worth $25,751,000. Vanguard Group Inc. lifted its stake in Aeva Technologies by 12.5% in the third quarter. Vanguard Group Inc. now owns 1,576,930 shares of the company’s stock worth $22,865,000 after purchasing an additional 175,482 shares during the last quarter. Delta Global Management LP purchased a new stake in Aeva Technologies during the third quarter valued at about $18,139,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Aeva Technologies by 1,630.1% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,105,048 shares of the company’s stock valued at $41,760,000 after buying an additional 1,041,176 shares during the last quarter. Hedge funds and other institutional investors own 62.92% of the company’s stock.

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.