Shares of Aeva Technologies (AEVA) slipped 4.3% in extended trading on Thursday after the company reported a wider-than-expected loss for the second quarter of 2021. Aeva makes sensing and perception systems for autonomous vehicles.
The company reported a loss of $0.11 per share, larger than the Street’s loss estimate of $0.09 per share and a loss of $0.04 per share in the second quarter of 2020.
Quarterly revenue totaled $2.6 million, surpassing analysts’ expectations of $1.58 million and higher than the year-ago revenue of $1.6 million. (See Aeva stock chart on TipRanks)
The CEO of Avea, Soroush Salehian, said, “We’re driving forward with automotive collaborations across programs, and expanding into new markets, including our strategic collaboration with Nikon to accelerate adoption of Aeva’s industry-first FMCW 4D LiDAR for high precision industrial automation and metrology applications.”
Last month, Morgan Stanley analyst Joseph Moore assumed coverage on the stock with a Hold rating and a price target of $11 (22.5% upside potential).
In a research note to investors, the analyst said, “The company, with unique 4D LiDAR technology for the automotive driver assistance market, has carved out material differentiation and key customer partnerships in the competitive early stage of LiDAR evolution.”
Overall, the stock has a Strong Buy consensus based on 3 Buys and 1 Hold. The average Aeva Technologies price target of $17.25 implies 92.1% upside potential. Shares have lost 47.5% over the past six months.
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