Amprius Technologies (NYSE:AMPX) Trading Down 13.5% – Here’s What Happened

Shares of Amprius Technologies, Inc. (NYSE:AMPX) dropped 13.5% during trading on Thursday . The stock traded as low as $10.62 and last traded at $11.28. Approximately 13,190,316 shares were traded during trading, an increase of 117% from the average daily volume of 6,073,991 shares. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AMPX. Northland Securities set a $20.00 target price on shares of Amprius Technologies in a report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Amprius Technologies in a research report on Wednesday, October 8th. B. Riley raised their price objective on Amprius Technologies from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Cantor Fitzgerald lifted their target price on Amprius Technologies from $12.00 to $16.00 and gave the stock an “overweight” rating in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price (up from $10.00) on shares of Amprius Technologies in a research report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.29.

Amprius Technologies Stock Performance

The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -48.82 and a beta of 2.87. The business’s 50 day moving average is $11.15 and its 200 day moving average is $7.06.

Amprius Technologies (NYSE:AMPX) last announced its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $21.43 million for the quarter, compared to the consensus estimate of $16.45 million. Amprius Technologies had a negative net margin of 53.16% and a negative return on equity of 43.02%. Research analysts expect that Amprius Technologies, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sandra Wallach sold 28,390 shares of the company’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $6.82, for a total value of $193,619.80. Following the transaction, the chief financial officer owned 1,005,275 shares in the company, valued at $6,855,975.50. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Constantin Ionel Stefan sold 19,159 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $6.82, for a total transaction of $130,664.38. Following the completion of the sale, the chief technology officer directly owned 846,975 shares of the company’s stock, valued at $5,776,369.50. This trade represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 113,203 shares of company stock valued at $772,044. Corporate insiders own 12.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Amprius Technologies by 37.0% in the third quarter. Vanguard Group Inc. now owns 6,512,620 shares of the company’s stock worth $68,513,000 after acquiring an additional 1,757,395 shares during the last quarter. Stephens Investment Management Group LLC acquired a new stake in Amprius Technologies during the third quarter valued at $11,392,000. JPMorgan Chase & Co. grew its stake in Amprius Technologies by 12,063.3% in the second quarter. JPMorgan Chase & Co. now owns 1,017,217 shares of the company’s stock valued at $4,282,000 after purchasing an additional 1,008,854 shares in the last quarter. Geode Capital Management LLC grew its stake in Amprius Technologies by 167.9% in the second quarter. Geode Capital Management LLC now owns 1,593,607 shares of the company’s stock valued at $6,710,000 after purchasing an additional 998,649 shares in the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in Amprius Technologies in the 1st quarter worth about $2,508,000. 5.04% of the stock is owned by hedge funds and other institutional investors.

About Amprius Technologies

Amprius Technologies, Inc produces and sells ultra-high energy density lithium-ion batteries for mobility applications. The company offers silicon nanowire anode batteries. Its batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites.