Today’s Change
(-1.60%) $-0.10
Current Price
$6.16
Key Data Points
Market Cap
$12B
Day’s Range
$5.97 – $6.36
52wk Range
$3.60 – $8.56
Volume
59.9M
Avg Vol
25.2M
Gross Margin
-192500.00%
Aurora Innovation (AUR 1.60%), a self-driving hardware and software developer, closed at $6.16, down 1.60%. Shares are reacting to ongoing pressure from Uber (UBER +0.51%)’s recent block sale and broader weakness in autonomous-driving names. Investors are also watching execution on driverless truck deployments and platform launches.
Trading volume reached 59.8 million shares, coming in about 132% above its three-month average of 25.8 million shares. Aurora Innovation IPO’d in 2021 and has fallen 38% since going public.
How the markets moved today
The S&P 500 (^GSPC 0.26%) slipped 0.26% to close at 7,386, while the Nasdaq Composite (^IXIC 0.97%) declined 0.97% to close at 25,679. Among self-driving technology peers, Alphabet (GOOGL +0.30%) closed at $364.26 (+0.26%) and Tesla (TSLA 2.96%) closed at $396.68 (-3.00%), underscoring mixed sentiment across autonomous-vehicle players.
What this means for investors
Aurora Innovation shares have been under pressure for almost a month since Uber, its largest shareholder, announced it was raising capital and using some of its Aurora ownership as collateral. Aurora shares are down 25% since May 14.
Uber also sold a block of 67.5 million Aurora shares at $7.10 per share on June 2. Uber still owns over 258 million shares, though, representing about 15.6% ownership of Aurora.
It also hasn’t helped that investors have been moving away from various types of tech stocks recently, including self-driving technology names. Neither transaction should be viewed as a change in Uber’s confidence in Aurora’s technology. But investors should expect volatility in a speculative name like Aurora.
Howard Smith has positions in Alphabet and Tesla. The Motley Fool has positions in and recommends Alphabet, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.
