Aeva Technologies (NASDAQ: AEVA) received continued support from Canaccord Genuity Group, which reaffirmed its buy rating for the stock in a report released on November 24, 2023. The firm has set a price target of $24.00 for Aeva shares, reflecting a positive outlook amid mixed sentiments from other analysts.
Recent updates from various research firms show a divergence in opinions regarding Aeva Technologies. Weiss Ratings maintained a “sell (e+)” rating, while Wall Street Zen downgraded the stock from “hold” to “sell” on November 8. Currently, three analysts have assigned a buy rating, one has a hold rating, and one has issued a sell rating. According to data from MarketBeat, the average rating for Aeva Technologies stands at “hold,” with a consensus price target of $26.50.
Aeva Technologies reported its earnings for the third quarter on November 5, revealing a loss of ($0.46) earnings per share, alongside revenue of $3.58 million. The company’s financials reflect a challenging period, with a negative return on equity of 603.21% and a staggering negative net margin of 1,031.15%. Analysts anticipate that Aeva will post an earnings per share (EPS) of –2.7 for the current fiscal year.
Insider trading activities have also drawn attention. Chief Financial Officer Saurabh Sinha sold 48,086 shares on November 19 at an average price of $9.97, totaling approximately $479,417.42. Following this transaction, Sinha retains 720,512 shares valued at about $7.18 million, marking a 6.26% decrease in his ownership.
Meanwhile, Chief Technology Officer Mina Rezk sold 250,000 shares on November 10 for an average price of $13.45, amounting to $3,362,500.00. Following this sale, Rezk owns 2,956,669 shares, valued at approximately $39.77 million, indicating a 7.80% decrease in ownership.
Over the past quarter, company insiders have sold a total of 619,710 shares, which are valued at approximately $8.18 million. Company insiders currently hold 27.20% of the stock.
In terms of institutional trading, several firms have recently adjusted their stakes in Aeva Technologies. GAMMA Investing LLC increased its position by 92.2% in the second quarter, now owning 865 shares valued at $33,000. Other institutional investments include Quantbot Technologies LP and Total Investment Management Inc., which acquired new stakes valued at approximately $36,000 and $43,000, respectively. Nisa Investment Advisors LLC notably increased its stake by 356.3%, now owning 2,122 shares valued at $80,000. Currently, institutional investors hold 62.92% of Aeva Technologies’ stock.
Aeva Technologies specializes in the design, development, manufacture, and sale of LiDAR sensing systems, along with related perception and autonomy-enabling software solutions across multiple regions, including North America, Europe, the Middle East, Africa, and Asia. The company leverages frequency modulated continuous wave (FMCW) sensing technology in its product development.
For ongoing updates and detailed research on Aeva Technologies, interested parties can subscribe to MarketBeat’s daily newsletter to receive the latest news and analyst ratings.
