Aeva Technologies (NASDAQ:AEVA) Stock Falls 6.4% – Time to Sell?

Aeva Technologies, Inc. (NASDAQ:AEVA) fell 6.4% during mid-day trading on Monday. The stock traded as low as $12.71 and last traded at $12.78. Approximately 409,041 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,143,911 shares. The stock had previously closed at $13.66.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AEVA shares. Canaccord Genuity Group increased their price objective on Aeva Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen cut Aeva Technologies from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. The Goldman Sachs Group assumed coverage on Aeva Technologies in a research report on Monday, August 24th. They set a “neutral” rating and a $20.00 target price on the stock. Weiss Ratings raised Aeva Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, September 4th. Finally, Morgan Stanley upped their target price on Aeva Technologies from $18.50 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.75.

Aeva Technologies Price Performance

The stock’s fifty day moving average price is $16.87 and its 200-day moving average price is $18.46. The company has a debt-to-equity ratio of 3.52, a current ratio of 7.85 and a quick ratio of 7.63. The firm has a market cap of $767.20 million, a price-to-earnings ratio of -4.46 and a beta of 2.41.

Insiders Place Their Bets

In other news, CTO Mina Rezk sold 100,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was 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 owned 1,606,669 shares of the company’s stock, valued at $38,576,122.69. This trade represents a 5.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Soroush Dardashti sold 219,486 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.03, for a total value of $5,274,248.58. Following the completion of the sale, the chief executive officer directly owned 1,251,322 shares of the company’s stock, valued at approximately $30,069,267.66. This trade represents a 14.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 536,683 shares of company stock worth $12,154,457. Corporate insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Aeva Technologies

Several hedge funds have recently bought and sold shares of AEVA. Engineers Gate Manager LP acquired a new stake in Aeva Technologies during the 2nd quarter worth about $910,000. Bank of New York Mellon Corp acquired a new position in shares of Aeva Technologies in the 2nd quarter valued at about $2,382,000. Next Capital Management LLC purchased a new stake in shares of Aeva Technologies in the second quarter worth approximately $211,000. Bank of America Corp DE lifted its position in shares of Aeva Technologies by 27.7% in the first quarter. Bank of America Corp DE now owns 110,005 shares of the company’s stock worth $1,448,000 after purchasing an additional 23,856 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Aeva Technologies by 51.7% in the first quarter. Royal Bank of Canada now owns 28,504 shares of the company’s stock worth $375,000 after purchasing an additional 9,720 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 develops perception and sensing systems based on frequency-modulated continuous-wave (FMCW) technology. Its core products are 4D LiDAR sensors and related software designed to measure an object’s location, velocity and other characteristics in real time. The company’s technology is intended to support advanced driver-assistance systems, autonomous vehicles and other applications that require high-resolution environmental perception.

Aeva offers automotive and industrial sensing solutions, including its Aeries line of automotive-grade 4D LiDAR sensors and Atlas systems for automated driving and mapping applications.