7. Aurora Innovation, Inc. (NASDAQ:AUR)
5-year Beta (monthly): 2.79
Average Volume: 10,459,444
Number of Hedge Fund Holders: 19
One of the best stocks for day trading, Aurora Innovation, Inc. (NASDAQ:AUR) is making significant strides in the self-driving technology sector in the U.S., focusing on its flagship product, the Aurora Driver. The comprehensive platform integrates self-driving hardware, software, and data services to create a system that is capable of navigating complex environments safely.
The Aurora Driver stands out due to its advanced perception technology, which combines various sensors to ensure extensive visibility, even in challenging weather conditions. The system is further improved by proprietary software that interprets intricate surroundings and continuously improves through real-world driving, virtual testing, and data sharing among vehicles.
Aurora Innovation (NASDAQ:AUR) is collaborating with a wide range of leaders in the transportation industry, including Continental, FedEx, Toyota, Uber, and Volvo Trucks, which strengthens its position and opens up multiple avenues for growth.
In the second quarter, the company made progress toward its commercial goals, fueled by positive feedback from customers eager to use the Aurora Driver. CEO Chris Urmson highlighted the company’s focus on a responsible technology approach and a strong safety culture, which he believes will help the company maintain its leadership in the industry as it moves toward a planned commercial launch by the end of this year.
A significant partnership with Uber Freight was announced in Q2, which saw the introduction of a pioneering Premier Autonomy program for carriers of all sizes. The collaboration resulted in a threefold increase in commercial volume and secured demand for a substantial portion of Aurora’s anticipated capacity for 2025.
The company is actively pursuing growth through strategic acquisitions and partnerships. It has aligned with Paccar to develop autonomous trucks using the Peterbilt and Kenworth platforms. In 2021, it also acquired OURS Technology, a lidar company, to advance its sensing capabilities. Additionally, partnerships with Volvo aim to create autonomous trucks that can efficiently transport goods.
In May, Aurora Innovation (NASDAQ:AUR) unveiled the Volvo VNL Autonomous truck at the ACT Expo, which showed the result of its partnership with Volvo. The company plans to begin hauling freight with these autonomous trucks soon, although a human safety operator will remain on board to take control if necessary. Upcoming pilot programs are expected to be announced later this year, which will further solidify its operational plans.
In terms of funding, the company is actively raising capital to support its ambitious roadmap. Recently, the company successfully secured $483 million, which surpassed its initial target of $420 million. This follows a substantial capital raise of $820 million completed just over a year ago. With a strong financial foundation, Aurora Innovation (NASDAQ:AUR) seems well-equipped to push toward its goal of a driverless commercial launch by the end of 2024.
