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Is Aurora Innovation a Good Autonomous Driving Stock to Buy?

Stock Markets Nov 26, 2021 09:31AM ET
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© Reuters. Is Aurora Innovation a Good Autonomous Driving Stock to Buy?

Self-driving technology company Aurora Innovation (AUR) recently made its stock market debut. But is it wise to buy the stock now even though the company has not yet generated any revenues? Let’s find out.Autonomous technology company Aurora Innovation, Inc. (AUR) in Pittsburgh, Pa., recently completed its business combination and began trading on November 4, merging with special purpose acquisition company (SPAC) Reinvent Technology Partners Y, and raising over $1.80 billion in gross proceeds. The stock has gained 6.9% in price since its public debut.

Wall Street analysts expect the stock to hit $14 in the near term, which indicates a potential 16.6% upside.

However, AUR is currently trading 32.4% below its all-time high of $17.77, which it hit on November 19, 2021. Moreover, the entire automotive industry is facing severe semiconductor chip and labor shortages, which could hamper the company’s production plans. So, AUR’s near-term prospects look uncertain.

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Is Aurora Innovation a Good Autonomous Driving Stock to Buy?
 

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