AEye (NASDAQ:LIDR) Shares Down 2.9% – Here’s Why

AEye, Inc. (NASDAQ:LIDR) shares were down 2.9% during mid-day trading on Friday . The company traded as low as $2.63 and last traded at $2.64. Approximately 1,328,240 shares were traded during trading, a decline of 17% from the average daily volume of 1,593,406 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LIDR. Alliance Global Partners started coverage on AEye in a research report on Monday, September 8th. They set a “buy” rating and a $6.00 target price for the company. Wall Street Zen raised shares of AEye from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AEye in a research note on Monday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, AEye currently has an average rating of “Hold” and a consensus price target of $6.00.

AEye Stock Down 2.9%

The company has a market capitalization of $118.96 million, a P/E ratio of -1.22 and a beta of 2.94. The firm has a fifty day simple moving average of $2.61 and a 200-day simple moving average of $2.13.

AEye (NASDAQ:LIDR) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.07. AEye had a negative return on equity of 102.95% and a negative net margin of 19,320.88%.The business had revenue of $0.05 million for the quarter, compared to analysts’ expectations of $0.04 million.

Insider Buying and Selling at AEye

In other news, Director Luis Dussan sold 33,616 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $2.68, for a total transaction of $90,090.88. Following the completion of the sale, the director owned 166,132 shares of the company’s stock, valued at $445,233.76. This represents a 16.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On AEye

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in AEye by 6.8% during the 2nd quarter. Geode Capital Management LLC now owns 108,323 shares of the company’s stock worth $112,000 after purchasing an additional 6,873 shares in the last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of AEye in the second quarter valued at about $34,000. Benjamin Edwards Inc. acquired a new position in shares of AEye during the third quarter worth about $1,026,000. Vanguard Group Inc. grew its holdings in shares of AEye by 819.6% during the third quarter. Vanguard Group Inc. now owns 676,840 shares of the company’s stock worth $1,685,000 after buying an additional 603,241 shares in the last quarter. Finally, UBS Group AG grew its holdings in shares of AEye by 657.5% during the third quarter. UBS Group AG now owns 307,696 shares of the company’s stock worth $766,000 after buying an additional 267,075 shares in the last quarter. 21.58% of the stock is owned by institutional investors and hedge funds.

About AEye

AEye, Inc, together with its subsidiaries, provides lidar systems for vehicle autonomy, advanced driver-assistance systems, and robotic vision applications in the United States, Europe, and Asia-Pacific. It offers 4Sight intelligent sensing lidar platform, including 4Sight at Design, Triggered 4Sight, Responsive 4Sight, and Predictive 4Sight; and 4Sight for automotive and industrial market.