Canaccord Genuity Group Reiterates “Buy” Rating for Aeva Technologies (NASDAQ:AEVA)

Aeva Technologies (NASDAQ:AEVA)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research report issued on Thursday,Benzinga reports. They presently have a $24.00 price objective on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 50.85% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Aeva Technologies in a research note on Monday, November 24th. Wall Street Zen downgraded Aeva Technologies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $26.50.

Aeva Technologies Price Performance

Shares of AEVA traded up $2.22 during mid-day trading on Thursday, reaching $15.91. 3,031,440 shares of the company’s stock traded hands, compared to its average volume of 1,976,479. Aeva Technologies has a 12 month low of $2.52 and a 12 month high of $38.80. The stock has a market cap of $955.87 million, a P/E ratio of -2.99 and a beta of 2.16. The stock’s 50-day moving average is $14.19 and its two-hundred day moving average is $18.24.

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

Insider Activity

In related news, CTO Mina Rezk sold 250,000 shares of Aeva Technologies stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $13.45, for a total value of $3,362,500.00. Following the completion of the transaction, the chief technology officer owned 2,956,669 shares in the company, valued at $39,767,198.05. The trade was a 7.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Saurabh Sinha sold 48,086 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $9.97, for a total value of $479,417.42. Following the transaction, the chief financial officer owned 720,512 shares in the company, valued at $7,183,504.64. This represents a 6.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 619,710 shares of company stock worth $8,181,369. Insiders own 27.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AEVA. Invesco Ltd. acquired a new position in Aeva Technologies during the 1st quarter worth about $325,000. Informed Momentum Co LLC acquired a new stake in shares of Aeva Technologies in the first quarter valued at approximately $781,000. American Century Companies Inc. increased its holdings in shares of Aeva Technologies by 81.5% in the 1st quarter. American Century Companies Inc. now owns 46,623 shares of the company’s stock valued at $326,000 after acquiring an additional 20,934 shares during the period. AQR Capital Management LLC increased its stake in Aeva Technologies by 29.2% in the first quarter. AQR Capital Management LLC now owns 20,849 shares of the company’s stock valued at $146,000 after purchasing an additional 4,707 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Aeva Technologies by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,722 shares of the company’s stock valued at $96,000 after buying an additional 630 shares during the last quarter. 62.92% of the stock is owned by hedge funds and other institutional investors.

About Aeva Technologies

Aeva Technologies, Inc engages in the design, development, manufacture, and sale of LiDAR sensing systems, and related perception and autonomy-enabling software solutions in North America, Europe, the Middle East, Africa, and Asia. The company develops its products using frequency modulated continuous wave (FMCW) sensing technology.