Hyliion (NYSEAMERICAN:HYLN) Shares Down 9.3% – What’s Next?

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN) was down 9.3% during mid-day trading on Tuesday . The company traded as low as $6.70 and last traded at $6.6830. Approximately 1,354,615 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,373,329 shares. The stock had previously closed at $7.37.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC began coverage on shares of Hyliion in a research report on Wednesday, June 10th. They issued a “buy” rating and a $9.00 target price for the company. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Hyliion Stock Performance

The firm has a market cap of $1.12 billion, a P/E ratio of -21.09 and a beta of 3.41. The firm’s fifty day moving average is $4.54 and its 200 day moving average is $2.88.

Institutional Investors Weigh In On Hyliion

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC raised its position in Hyliion by 48.8% during the first quarter. Renaissance Technologies LLC now owns 318,600 shares of the company’s stock valued at $561,000 after purchasing an additional 104,500 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Hyliion by 28.3% in the 1st quarter. Cetera Investment Advisers now owns 94,957 shares of the company’s stock valued at $167,000 after purchasing an additional 20,956 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Hyliion by 34.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 799,672 shares of the company’s stock valued at $1,406,000 after purchasing an additional 203,451 shares during the last quarter. Angeles Wealth Management LLC acquired a new position in shares of Hyliion during the 1st quarter worth $44,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Hyliion during the 1st quarter worth $27,000. 22.81% of the stock is currently owned by institutional investors and hedge funds.

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.