Is Aeva Technologies, Inc. overvalued or undervalued?

As of 12 August 2021, Aeva Technologies, Inc. has moved from a grade of "does not qualify" to "risky." The company is currently overvalued, given its significant negative financial metrics. The price-to-book ratio stands at 16.71, while the EV to EBITDA ratio is -8.19, indicating a lack of profitability. Furthermore, the return on equity (ROE) is a staggering -208.46%, reflecting severe losses.
In comparison to its peers, Aeva Technologies, Inc. has a P/E ratio of -9.90, while Ouster, Inc. shows a P/E of -10.73, and Applied Optoelectronics, Inc. has a P/E of -15.50, all of which suggest that the entire sector is struggling. Notably, NVE Corp. stands out as very attractive with a P/E of 22.56, highlighting the disparity in valuation within the industry. Despite Aeva's impressive stock performance over the past year, with a return of 950.77% compared to the S&P 500's 10.26%, the underlying financials indicate that the stock is not justified at its current price level.