Hyliion (NYSEAMERICAN:HYLN) Trading 14.2% Higher – Here’s Why

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s share price traded up 14.2% during mid-day trading on Wednesday . The stock traded as high as $7.10 and last traded at $7.2380. 859,193 shares changed hands during trading, a decline of 60% from the average session volume of 2,132,069 shares. The stock had previously closed at $6.34.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC assumed coverage on Hyliion in a report on Wednesday. They set a “buy” rating and a $9.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Hyliion has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Hyliion Price Performance

The company has a fifty day moving average of $3.72 and a 200-day moving average of $2.59. The firm has a market cap of $1.34 billion, a P/E ratio of -25.03 and a beta of 3.43.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of HYLN. Invesco Ltd. boosted its position in Hyliion by 76.3% in the fourth quarter. Invesco Ltd. now owns 6,253,598 shares of the company’s stock worth $11,507,000 after purchasing an additional 2,706,803 shares during the last quarter. HITE Hedge Asset Management LLC boosted its position in Hyliion by 121.9% in the fourth quarter. HITE Hedge Asset Management LLC now owns 2,827,742 shares of the company’s stock worth $5,203,000 after purchasing an additional 1,553,626 shares during the last quarter. Millennium Management LLC boosted its position in Hyliion by 27.4% in the first quarter. Millennium Management LLC now owns 6,295,760 shares of the company’s stock worth $8,814,000 after purchasing an additional 1,355,951 shares during the last quarter. J. Derek Lewis & Associates Inc. purchased a new position in Hyliion in the fourth quarter worth $1,586,000. Finally, Marshall Wace LLP purchased a new position in Hyliion in the second quarter worth $386,000. Hedge funds and other institutional investors own 22.81% of the company’s stock.

About Hyliion

Hyliion Holdings Corp. develops electrified powertrain solutions aimed at reducing fuel consumption and emissions for Class 8 commercial vehicles. Its flagship offerings include the Hypertruck ERX electric axle and hybrid powertrain systems that integrate battery packs with onboard natural gas generators. These modular solutions are designed to retrofit existing diesel trucks or to be incorporated by original equipment manufacturers, allowing fleets to transition toward lower-carbon operations without replacing entire fleets.

Founded in 2015 by Thomas Healy and based in Austin, Texas, Hyliion went public in 2020 via a special purpose acquisition company (SPAC) merger.