Why Aurora Innovation Inc. (AUR) Crashed on Wednesday

We recently compiled a list of the Heavy Selling Drags Share Prices of These 10 Firms. 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 major indices finished mixed on Wednesday, though generally pessimistic, as investor sentiment was dampened by higher-than-expected consumer price data which fueled concerns of a potential inflation rebound.

The Dow Jones and S&P 500 declined by 0.50 percent and 0.27 percent, respectively. Only Nasdaq posted gains, albeit a marginal 0.03 percent.

Among Wednesday’s losers, 10 companies were the worst performers, primarily due to disappointing earnings results, dismal outlook guidance, and downgraded ratings, among others. In this article, we have detailed the specific reasons behind their lagging performance.

To come up with Wednesday’s top losers, we considered only the stocks with at least $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. declined for a second consecutive day, ending Wednesday’s trading down by 7.86 percent at $6.45 each as investors repositioned their portfolios ahead of its earnings release on the same day that occurred after market close.

In a presentation posted on its website, Aurora 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.

This year, the company said it would officially deploy its first driverless trucks on public roads, “ushering 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 CEO and co-founder Chris Urmson.

Overall AUR ranks 5th on our list of Wednesday’s top losers. 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 timeframe. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.