We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. In this article, we are going to take a look at where Aurora Innovation Inc. (NASDAQ:AUR) stands against the other stocks.
Wall Street’s main indices ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.
This article will delve into the factors behind the downturn and explore why each company was particularly affected.
To come up with Friday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A closeup of a self-driving hardware unit inside the dashboard of a passenger vehicle.
Aurora Innovation Inc. (NASDAQ:AUR)
Shares in Aurora Innovation (AUR), a self-drive automotive company, reported a 5.45-percent decrease in its share price on Friday to end at $6.94 apiece as investors stayed on the sidelines for further developments to perk up its stock price.
However, Aurora Innovation earned a bullish outlook from institutional investors, with Cantor Fitzgerald the most recent to join the bull’s camp. In a note to clients last week, Cantor Fitzgerald initiated coverage with an “overweight” rating and a price target of $10.
Cantor analyst Andres Sheppard highlighted Aurora’s clear commercialization roadmap, its high-margin, asset-light model, and favorable regulation trends, noting that the company has logged over two million supervised miles, with plans to deploy tens of driverless trucks by late 2025.
Overall AUR ranks 14th on our list of the stocks that were recently dragged down by market slump. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.