Canaccord Genuity Group has reaffirmed its buy rating for shares of Aeva Technologies, Inc. (NASDAQ:AEVA), with a target price set at $24.00. This announcement, made in a report released on November 5, 2023, highlights the firm’s confidence in the company’s potential despite mixed reviews from other analysts.
Recent evaluations from various research analysts have provided a more varied outlook for Aeva Technologies. Weiss Ratings issued a “sell (e+)” rating on November 24, while Wall Street Zen downgraded the stock from a “hold” to a “sell” rating on November 8. Currently, three analysts have assigned a buy rating, one a hold, and one a sell, leading to an average rating of “hold” with a consensus price target of $26.50 according to data from MarketBeat.
Recent Financial Performance
Aeva Technologies recently released its earnings results, reporting a loss of ($0.46) earnings per share for the quarter ending on November 5. The company generated a revenue of $3.58 million, which reflects the challenges it faces in achieving profitability. The firm has recorded a negative return on equity of 603.21% and a staggering negative net margin of 1,031.15%. Analysts predict that Aeva Technologies will post an EPS of -2.7 for the current year.
Insider Activity and Institutional Investment
In related news, insider trading activity has seen notable movements. 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 $7,183,504.64. This sale represents a 6.26% reduction in his ownership stake.
Similarly, Chief Technology Officer Mina Rezk sold 250,000 shares on November 10 at an average price of $13.45, bringing in approximately $3,362,500.00. Post-sale, Rezk owns 2,956,669 shares, worth around $39,767,198.05, marking a 7.80% decrease in his holdings. Over the last quarter, insiders sold a total of 619,710 shares valued at $8,181,369, highlighting a trend of selling among company insiders. Currently, insiders hold 27.20% of Aeva Technologies’ stock.
Institutional investors have also made significant adjustments to their holdings in Aeva Technologies. GAMMA Investing LLC increased its stake by 92.2% during the second quarter, now owning 865 shares valued at approximately $33,000. Other firms, such as Quantbot Technologies LP, Total Investment Management Inc., and AlphaQuest LLC, have also acquired new stakes in the company, indicating growing institutional interest. Presently, institutional investors control 62.92% of the stock.
Aeva Technologies specializes in the design and manufacture of LiDAR sensing systems, along with the development of related perception and autonomy-enabling software solutions across various regions including North America, Europe, the Middle East, Africa, and Asia. The company utilizes frequency modulated continuous wave (FMCW) sensing technology in its products, positioning itself within the rapidly evolving technological landscape.
Investors and analysts continue to monitor Aeva Technologies closely as it navigates its financial challenges while striving to capitalize on opportunities within the high-tech sector.
