We recently compiled a list of the 10 Stocks That Underperformed Last Week. 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 in a bloodbath on Friday, as investors soured on a flurry of macroeconomic factors such as concerns over a slowing economy and a sticky inflation that tempered buying appetite.
Friday’s finish saw the Dow Jones decline by 1.69 percent, the S&P drop by 1.71 percent, and the tech-heavy Nasdaq nosedive by 2.20 percent.
Ten companies, in particular, were heavily hit, registering mostly double-digit losses on a week-on-week basis.
We have listed 10 names that performed poorly last week and detailed the reasons behind their declines. Please note that shares performances were based on the companies’ closing prices last Friday, February 21, as against their prices on February 14, or a week earlier.
To come up with last week’s biggest losers, we considered only the stocks with $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)
Aurora Innovation, Inc. (NASDAQ:AUR) retreated in last week’s shortened trading, losing 27 percent of its value week-on-week, as investors appeared to have sold off positions following the 41.5 percent surge the week earlier.
On Friday, Aurora Innovation, Inc. (NASDAQ:AUR)’s share prices finished at $7.43 apiece, markedly lower than the $10.19 registered on February 14 as investors appeared to have taken profits, evident from the four consecutive days of sell-offs.
Two weeks earlier, Aurora Innovation, Inc. (NASDAQ:AUR) announced improved earnings performance and outlook guidance, which includes the upcoming launch of its first driverless trucks, as it ushers “in a future of safer, more efficient freight transportation and immense value creation.”
“We are on the cusp of our planned Commercial Launch, a pivotal step toward realizing our mission to deliver the benefits of self-driving technology safely, quickly, and broadly,” said Aurora Innovation, Inc. CEO and co-founder Chris Urmson.
Aurora Innovation, Inc. (NASDAQ:AUR) said it narrowed its net loss last year by 6 percent to $748 million from the $796 million registered in 2023, as loss from operations decreased by 5.9 percent to $786 million from $835 million.
Overall AUR ranks 1st on our list of the stocks that underperformed last week. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as 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.
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