Stock Market Today, May 7: Aurora Innovation Slips as Investors Weigh Analyst Support and Autonomous Trucking Expansion
Aurora Innovation (NASDAQ:AUR), a developer of autonomous driving systems for various vehicle types and applications, closed Thursday at $7.14, down 1.79%. The stock moved lower after a multi-day rally driven by upbeat Q1 results, new trucking deployments, and analyst support. Investors will now be watching execution on 2026 driverless semi-truck and revenue targets.
Trading volume reached 48.4 million shares, coming in about 136% above its three-month average of 20.6 million shares. Aurora Innovation IPO’d in 2021 and has fallen 29% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) slipped 0.38% Thursday to 7,337, while the Nasdaq Composite (NASDAQINDEX:^IXIC) eased 0.13% to finish at 25,806. Among self-driving vehicle technology names, industry peers Alphabet (NASDAQ:GOOGL) closed at $397.99 (-0.01%) and Tesla (NASDAQ:TSLA) finished at $411.81 (+3.28%), highlighting mixed sentiment across autonomy-focused names.
What this means for investors
Aurora Innovation shares soared yesterday after the company updated investors with its first-quarter results, and announced a new partnership with McLane Company, a Berkshire Hathaway (NYSE:BRKA) (NYSE:BRKB) subsidiary.
The stock dipped today, though, after investors digested that news. After a successful pilot program, McClane will begin autonomous semi-truck deliveries in Texas, using an Aurora self-driving system that is currently being used in long-haul trucking.
After that news, analysts at Needham expressed confidence in Aurora and established a $13 price target for the company. Investors, though, should be aware that the company continues to burn cash, using approximately $159 million in operating cash during Q1. Its autonomous vehicle aspirations still have a long road to travel.
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