Aurora Innovation (NASDAQ:AUR) Shares Gap Up – Here’s What Happened

Aurora Innovation, Inc. (NASDAQ:AUR) shares gapped up prior to trading on Friday . The stock had previously closed at $6.26, but opened at $6.55. Aurora Innovation shares last traded at $6.82, with a volume of 2,929,992 shares trading hands.

Wall Street Analyst Weigh In

AUR has been the subject of several recent analyst reports. Canaccord Genuity Group raised their target price on shares of Aurora Innovation from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. TD Cowen initiated coverage on Aurora Innovation in a report on Friday, March 7th. They set a “hold” rating and a $8.00 price target for the company. Morgan Stanley began coverage on Aurora Innovation in a report on Monday, March 3rd. They issued an “overweight” rating and a $12.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Aurora Innovation in a research note on Thursday, February 13th. Finally, Wolfe Research initiated coverage on shares of Aurora Innovation in a research report on Tuesday, November 26th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.08.

Aurora Innovation Price Performance

The firm has a market cap of $12.04 billion, a P/E ratio of -14.69 and a beta of 2.82. The company’s 50-day moving average is $7.24 and its two-hundred day moving average is $6.35.

Aurora Innovation (NASDAQ:AUR) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.11) earnings per share for the quarter. On average, analysts expect that Aurora Innovation, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of Aurora Innovation

Several large investors have recently bought and sold shares of AUR. JPMorgan Chase & Co. raised its stake in Aurora Innovation by 40.1% during the third quarter. JPMorgan Chase & Co. now owns 1,380,479 shares of the company’s stock worth $8,172,000 after acquiring an additional 394,933 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Aurora Innovation by 229.4% during the 3rd quarter. Citigroup Inc. now owns 705,181 shares of the company’s stock valued at $4,175,000 after purchasing an additional 491,125 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Aurora Innovation by 26.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,424,827 shares of the company’s stock worth $49,875,000 after purchasing an additional 1,776,513 shares in the last quarter. ARK Investment Management LLC lifted its stake in Aurora Innovation by 14.9% in the 4th quarter. ARK Investment Management LLC now owns 2,412,353 shares of the company’s stock valued at $15,198,000 after purchasing an additional 312,144 shares during the last quarter. Finally, State Street Corp boosted its position in Aurora Innovation by 15.2% in the third quarter. State Street Corp now owns 22,183,252 shares of the company’s stock valued at $131,325,000 after buying an additional 2,920,653 shares in the last quarter. 44.71% of the stock is owned by institutional investors and hedge funds.

About Aurora Innovation

Aurora Innovation, Inc operates as a self-driving technology company in the United States. It focuses on developing Aurora Driver, a platform that brings a suite of self-driving hardware, software, and data services together to adapt and interoperate vehicles. The company was founded in 2017 and is headquartered in Pittsburgh, Pennsylvania.