Aeva Technologies (NASDAQ:AEVA) Now Covered by The Goldman Sachs Group

Equities researchers at The Goldman Sachs Group assumed coverage on shares of Aeva Technologies (NASDAQ:AEVA) in a research note issued to investors on Monday,Benzinga reports. The brokerage set a “neutral” rating and a $20.00 price target on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 9.35% from the company’s current price.

Several other brokerages also recently weighed in on AEVA. Canaccord Genuity Group lifted their price target on shares of Aeva Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Oppenheimer reissued an “outperform” rating and set a $42.00 price target on shares of Aeva Technologies in a report on Thursday, August 6th. Weiss Ratings downgraded Aeva Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Morgan Stanley increased their price objective on shares of Aeva Technologies from $18.50 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Aeva Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.75.

Aeva Technologies Stock Performance

NASDAQ:AEVA opened at $18.29 on Monday. The stock has a 50-day simple moving average of $21.09 and a two-hundred day simple moving average of $18.23. The company has a debt-to-equity ratio of 3.52, a quick ratio of 7.63 and a current ratio of 7.85. Aeva Technologies has a 52-week low of $8.83 and a 52-week high of $31.30. The firm has a market capitalization of $1.15 billion, a PE ratio of -6.70 and a beta of 2.47.

Insider Activity at Aeva Technologies

In related news, CEO Soroush Salehian Dardashti sold 30,514 shares of Aeva Technologies stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $24.32, for a total value of $742,100.48. Following the completion of the transaction, the chief executive officer owned 1,220,808 shares in the company, valued at approximately $29,690,050.56. This trade represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Mina Rezk sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.01, for a total value 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 $38,576,122.69. The trade was a 5.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,292,344 shares of company stock valued at $30,568,186 over the last 90 days. 36.70% of the stock is owned by corporate insiders.

Institutional Trading of Aeva Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Duquesne Family Office LLC bought a new position in shares of Aeva Technologies in the third quarter worth about $26,670,000. Millennium Management LLC bought a new position in Aeva Technologies in the third quarter worth approximately $25,751,000. Handelsbanken Fonder AB raised its position in Aeva Technologies by 158.3% during the 4th quarter. Handelsbanken Fonder AB now owns 1,445,409 shares of the company’s stock valued at $19,202,000 after purchasing an additional 885,774 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Aeva Technologies by 2,814.6% during the second quarter. California State Teachers Retirement System now owns 651,973 shares of the company’s stock valued at $18,725,000 after buying an additional 629,604 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Aeva Technologies by 1,223.8% in the second quarter. Invesco Ltd. now owns 614,411 shares of the company’s stock valued at $23,219,000 after acquiring an additional 567,998 shares in the last quarter. 62.92% of the stock is owned by hedge funds and other 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.