Hyliion (NYSEAMERICAN:HYLN) Shares Gap Up After Strong Earnings

Hyliion Holdings Corp. (NYSEAMERICAN:HYLN)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $2.99, but opened at $3.40. Hyliion shares last traded at $2.8320, with a volume of 555,192 shares trading hands.

The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $7.45 million for the quarter, compared to analysts’ expectations of $4.17 million. Hyliion had a negative net margin of 564.34% and a negative return on equity of 27.94%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on HYLN shares. Craig Hallum started coverage on shares of Hyliion in a research report on Tuesday, September 29th. They set a “buy” rating and a $7.00 price target for the company. Northland Securities raised shares of Hyliion from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $8.67.

Insider Buying and Selling at Hyliion

In other Hyliion news, Director Vincent Cubbage purchased 50,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $3.40 per share, with a total value of $170,000.00. Following the acquisition, the director owned 1,131,363 shares in the company, valued at approximately $3,846,634.20. This trade represents a 4.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Hyliion

A number of large investors have recently added to or reduced their stakes in HYLN. State of Wyoming purchased a new stake in Hyliion during the third quarter valued at $28,000. NewEdge Advisors LLC grew its stake in shares of Hyliion by 6,166.7% in the 2nd quarter. NewEdge Advisors LLC now owns 7,520 shares of the company’s stock worth $39,000 after buying an additional 7,400 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Hyliion in the 2nd quarter worth about $63,000. Hsbc Holdings PLC bought a new stake in shares of Hyliion in the 1st quarter worth about $27,000. Finally, Angeles Wealth Management LLC bought a new stake in shares of Hyliion in the 1st quarter worth about $44,000. Institutional investors own 22.81% of the company’s stock.

Hyliion Trading Down 4.1%

The firm’s 50-day moving average price is $3.64 and its 200-day moving average price is $3.47. The stock has a market capitalization of $512.05 million, a PE ratio of -9.56 and a beta of 3.74.

About Hyliion

Hyliion Holdings Corp. develops power generation technology for commercial and industrial applications. Its primary product is the KARNO power module, a distributed generator designed to produce electricity using a range of fuels. The company is developing the system for uses that may include data centers, industrial facilities and other sites needing on-site power. Hyliion was founded in 2015 by Thomas Healy, who serves as its chief executive officer. The company previously developed electrified powertrain systems for heavy-duty trucks before shifting its focus to stationary power generation.