Canaccord Genuity Affirms Buy Rating for Aeva Technologies Stock
Canaccord Genuity Group has reaffirmed its buy rating for Aeva Technologies (NASDAQ: AEVA), setting a price target of $24.00 per share. This reiteration comes as part of a broader analysis of Aeva’s stock performance, reflecting confidence in the company’s potential despite recent fluctuations in its market value.
In recent reports, various analysts have provided mixed ratings for Aeva Technologies. Weiss Ratings issued a “sell (e+)” rating on November 24, 2023, while Wall Street Zen downgraded the stock from a “hold” to a “sell” on November 8, 2023. Currently, three analysts maintain a buy rating for Aeva, one has assigned a hold rating, and one has issued a sell rating. According to data from MarketBeat, Aeva Technologies holds an average rating of “Hold” with a consensus price target of $26.50.
Recent Financial Performance
Aeva Technologies released its latest earnings results on November 5, 2023. The company reported earnings per share of ($0.46) for the quarter, with revenues totaling $3.58 million. The firm also noted a significant negative return on equity of 603.21% and a staggering negative net margin of 1,031.15%. Analysts project that Aeva will post an earnings per share figure of ($2.70) for the current fiscal year.
Insider Activity and Institutional Holdings
Recent insider trading activity has raised eyebrows as well. Chief Financial Officer Saurabh Sinha sold 48,086 shares on November 19, 2023, at an average price of $9.97, totaling $479,417.42. Post-transaction, Sinha retains 720,512 shares valued at approximately $7.18 million, indicating a 6.26% decrease in ownership.
Additionally, Chief Technology Officer Mina Rezk sold 250,000 shares on November 10, 2023, at an average price of $13.45, amounting to $3.36 million. After this sale, Rezk holds 2,956,669 shares valued around $39.77 million, a decrease of 7.80% in ownership. Over the last quarter, insiders collectively sold 619,710 shares of Aeva stock, valued at $8.18 million, representing 27.20% of the company’s shares owned by insiders.
Institutional investors have also adjusted their positions in Aeva Technologies. GAMMA Investing LLC increased its stake by 92.2% in the second quarter, owning 865 shares valued at $33,000. Other firms, including Quantbot Technologies LP and Nisa Investment Advisors LLC, have established new stakes in the company, further diversifying the shareholder base. Overall, institutional investors currently own 62.92% of Aeva’s stock.
Aeva Technologies specializes in the design and production of LiDAR sensing systems and related software solutions, operating across regions including North America, Europe, and Asia. The company utilizes frequency modulated continuous wave (FMCW) technology in its products, positioning itself within a competitive market landscape.
As Aeva continues to navigate the complexities of the technology sector, analysts will closely monitor its performance and insider actions, which may influence future investment decisions.
