Hyliion (NYSEAMERICAN:HYLN) Shares Gap Up – Still a Buy?

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) gapped up prior to trading on Thursday . The stock had previously closed at $3.93, but opened at $4.29. Hyliion shares last traded at $4.5010, with a volume of 1,609,726 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC initiated coverage on shares of Hyliion in a research note on Wednesday, June 10th. They set a “buy” rating and a $9.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Stock Down 9.7%

The firm has a 50-day moving average price of $5.49 and a 200 day moving average price of $3.27. The firm has a market capitalization of $663.39 million, a PE ratio of -12.40 and a beta of 3.47.

Hedge Funds Weigh In On Hyliion

Several hedge funds have recently bought and sold shares of the company. Deutsche Bank AG grew its position in Hyliion by 3.2% in the 4th quarter. Deutsche Bank AG now owns 187,016 shares of the company’s stock valued at $344,000 after acquiring an additional 5,873 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Hyliion by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 76,835 shares of the company’s stock worth $101,000 after purchasing an additional 7,574 shares during the period. Alliancebernstein L.P. lifted its position in shares of Hyliion by 7.0% during the third quarter. Alliancebernstein L.P. now owns 152,020 shares of the company’s stock worth $299,000 after purchasing an additional 10,000 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Hyliion by 15.1% during the first quarter. AQR Capital Management LLC now owns 76,957 shares of the company’s stock worth $108,000 after purchasing an additional 10,076 shares in the last quarter. Finally, Apella Capital LLC lifted its position in shares of Hyliion by 56.9% during the second quarter. Apella Capital LLC now owns 33,030 shares of the company’s stock worth $172,000 after purchasing an additional 11,972 shares in the last quarter. Institutional investors and hedge funds own 22.81% of the company’s stock.

Hyliion Company Profile

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.